Information services, which includes telecommunications, is expected to be a growth sector in 2015. Photo courtesy of Metro Editorial Services (MS)
By Metro Editorial Services (MS)
As much of the world slowly recovers from the far-reaching economic downturn that began in 2008, the International Monetary Fund has predicted a 3.2 percent growth for the global economy in 2015.
Some countries, including the United States, have already witnessed an uptick in industrial growth. But other nations are not seeing the same level of success. Slow growth and inflation is plaguing areas of South America. Trade surpluses in Germany are likely to shrink in 2015. There is still steady growth in areas of Asia, but China’s projected 7.1 percent growth, though high compared to other nations, is the country’s lowest in 15 years.
With regard to the American economy, job growth and more qualified people returning to the marketplace continue to benefit the economy. But uncertainty as to whether the Federal Reserve will begin to raise the federal funds rate in 2015 continues to loom over the American economy. The higher the federal funds rate, the more expensive it is to borrow money. Since the end of 2008, the federal funds rate has been unusually low. The low rate was essentially an emergency measure in the wake of the financial crisis, and it’s still an unknown if the country’s economy can survive without the low rate.
Forecasters are saying the demand side of the American economy will have solid growth, but the supply side is still sketchy. Higher taxes and a loss of benefits to lower-income workers may impact the job market and overall economy.
But certain industries have emerged as the safest bets for employment possibilities and success in 2015. A recent survey from researchers at Michigan State University found certain job sectors anticipate strong hiring growth of recent college graduates and others with industry experience.
Growth in information services, which includes telecommunications, publishing, motion pictures and broadcasting, is expected to surge. Finance and insurance remain strong and safe bets for employment as banks now will make up for cutbacks during the recession. Other strong employment contenders include management consulting, accounting, law, computer design and engineering services.
Health and wellness services appear recession-proof as well. IBISWorld Industry Research notes pilates and yoga studios were highly resistant to the recession. With a predicted annual growth of 4.8 percent, these health and wellness industries are targeted for growth and increased success in 2015.
Pieces of the global economic puzzle are coming together while others are falling out of the mix, and it should be interesting to see how the world economy reacts in the new year.