The global economy has shown remarkable resilience amidst the challenges posed by the COVID-19 pandemic, the war in Ukraine, and rising interest rates, according to the head of the International Monetary Fund (IMF) [81f0f559]. Despite the deep scars left by the pandemic, the world economy has proven unexpectedly sturdy, with a rising chance of a soft landing to avoid recession while bringing down inflationary pressure. Global economic growth, however, is expected to remain below the average of the past two decades, with the world having lost $3.7 trillion in economic output since 2020. The United States is the only major economy to have returned to its pre-pandemic path, while the rest of the world is still below trend. The poorest countries are suffering the most due to limited economic buffers [81f0f559].
The IMF chief emphasizes that fighting inflation is the top priority, urging central banks to keep interest rates higher for longer to prevent a premature easing of policy. Despite the challenges posed by rising interest rates, the world economy has shown resilience, and there is optimism for a soft landing. This resilience is particularly important for the poorest countries, which are experiencing the greatest impact due to limited economic buffers. The IMF chief also highlights the need for central banks to prioritize the fight against inflation [81f0f559].
Isaac Lee, from the Steuben County Economic Development Corp., speaks about new priorities and how the landscape of America’s economy has changed post-pandemic [7be2723d]. Lee emphasizes the importance of digitalization in economic development, stating that it has become a necessity rather than an option. He also highlights the need to focus on community well-being and quality of life, as these factors play a crucial role in attracting businesses and talent to an area. Lee emphasizes the need for collaboration between businesses, government, and community organizations to create a supportive environment for economic growth. He also mentions the importance of diversifying the economy to reduce dependence on a single industry or sector. Overall, Lee's insights shed light on the changing landscape of economic development in a post-pandemic world [7be2723d].
Urban economies across the United States are facing significant disruption due to factors such as the COVID-19 pandemic, climate change, and the adoption of generative AI. This report examines six major cities, including Boston, and provides recommendations for policies to address these disruptions. The report highlights the challenges faced by office worker-driven economies as hybrid and remote work reduce economic activity and foot traffic. It also emphasizes the impact of high housing costs, lengthy commutes, and labor shortages on relocation choices. The report calls for addressing these challenges to ensure the prosperity of the cities examined. It mentions the passage of tax relief and the need for additional policy changes to address economic challenges, labor shortages, and infrastructure issues. The report also emphasizes the importance of mitigating the impacts of climate change and traffic congestion. It highlights the need for infrastructure projects, legislation supporting housing and the cleantech sector, and efforts to promote entrepreneurship and innovation. The report concludes by emphasizing the need for timely, strategic, and sustained action to navigate the changing economic, climate, and technological landscapes. [e0e23b54]
The article discusses the financial impact of the pandemic on professional dancers and dance organizations. Lorena Jaramillo, a member of SLMDances, shares her personal financial struggles during the pandemic. Reports show that dance organizations have faced financial challenges, with some able to adapt by moving activities outdoors and offering virtual classes. However, expenses have increased while real buying power has decreased due to inflation. Non-BIPOC dance organizations have larger budgets compared to BIPOC organizations. Touring and presenting have become more complicated due to inflation, COVID-19 testing protocols, and visa petition delays. The U.S. government provided financial assistance to arts and entertainment entities, but further contraction of the dance field is expected. However, financial pressures can foster innovation and collaboration. The coming months and years will reveal how institutions and artists adapt. The case study of J CHEN PROJECT highlights the company's flexibility and reliance on commissions to cover expenses. Key findings from recent economic research on dance in the U.S. include a decrease in private philanthropic support, higher wages for performers and administrative personnel, a decrease in ticket-sales revenue, and a decrease in individual donations. Dance/NYC's survey shows that dance workers in New York City face financial challenges, with many holding nondance jobs to make ends meet. Dance/USA's financial surveys show a decrease in revenue from dance education and training programs, a fluctuation in government support, and a decrease in performances. Overall, the article highlights the financial struggles and adaptations of the dance industry during the pandemic.
The Hollywood entertainment industry is facing economic disruption due to new technologies, changing public appetites, and globalization. Employment in L.A. County’s motion pictures and sound recording industries has barely budged from about 100,000 through April, which is about 20% less than pre-pandemic levels. The effect on lost wages and purchasing power is significant for the regional economy. The film and TV industry's payrolls nationally have largely recovered, reflecting California's high costs and the outflow of production to other locations. The threat to the entertainment industry is coming from multiple fronts, including new technology, cheaper production sites, and the rise of streaming services. The traditional way of making money in the industry has been turned upside down. The future of Hollywood's bread and butter, the feature film made for the big screen, is uncertain as audience preferences shift. The international market has become more important as U.S. movie attendance has declined, but U.S. producers face competition from other countries. Cheaper places to shoot and government support for filming in other locations are also factors contributing to the decline of Hollywood's jobs picture. Despite the challenges, the creative and technical capabilities and infrastructure built up over a century in the Los Angeles area remain an advantage [2865fcc3] [d4f398e0].
The entertainment industry is facing a complete restart after being hit by the COVID-19 pandemic and subsequent strike. Sony Pictures Entertainment CEO Tony Vinciquerra stated that the industry had to restart after a period of limited production and no creative work. The industry is grappling with questions such as how many TV shows can be sustained, redefining theatrical releases, and how to monetize entertainment on smartphones. The number of scripted shows on air has decreased, and studios are trying to save costs by reducing the number of people employed. The industry is also trying to find a balance between theatrical releases and streaming, as well as exploring other screens to monopolize. The future of the industry remains uncertain, and Hollywood is in a constant state of flux [06bb9cfc].
The Hollywood entertainment industry is facing economic disruption due to new technologies, changing public appetites, and globalization. Employment in L.A. County's motion pictures and sound recording industries has barely budged from pre-pandemic levels, and the sector hasn't seen such low employment in over 30 years. The film and TV industry's payrolls have largely recovered outside of L.A., reflecting California's high costs and the outflow of production to other locations. The threat to Hollywood comes from multiple fronts, including streaming platforms, competition from other countries, and the decline in theater attendance. The industry is struggling to find a new business model and attract audiences. The future of Hollywood's bread and butter, the feature film, is uncertain. Despite the challenges, the area still has a vast pool of creative and technical capabilities and infrastructure. However, many industry workers may leave the area or quit due to the high cost of living. The industry is at a critical point and its resilience to adapt is uncertain [c9121b7b].