b'ECONOMIC OUTLOOKRECESSION 2023?THE FORECAST SO FARBy Matthew BradfordRelocation professionals may need to brace for some rocky times ahead, but history proves theyre up for the challengeI ts been an era of talent shortages,pricesalmost one in five respondents nowprevent that from happening again and geopolitical conflicts, and publicconsider a global recession to be extremelyregulations have changed so that mortgage health emergencies. And if thatlikely in 2023, more than twice as many ascompanies cannot provide loans to individ-werent enough to keep mobilityin the previous survey in September 2022,uals without properly vetting them to make professionals on their toes, theres athe report noted. sure they qualify."forecasted global recession to add Economists involved in the report alsoThats all to say that while the world may further instability. believe that challenging economic head- be bracing for a recession, the consensus is "Much of the research we\'re seeing pointswinds will motivate businesses to seek costthat it wont be the worst we have endured. to a good possibility of a recession," reportsreductions by cutting operational expenses, Jennifer Connell, vice president of advisorylaying off workers, and optimizing theirSTRATEGIC SPENDINGservices with Weichert Workforce Mobility.supply chain. That said, even a softer recession will We dont know yet how severe it will be,have an impact on mobility. Tougher but what we\'re hearing from companiesOn the upside, not all economy watcherseconomic times will likely motivate with mobility programs is that they\'reare predicting a recession, and the severityemployers to pursue cost reduction and bracing for the worst. and duration of a potential downturncontainment strategies that will directly are also up for debate. Moreover, even Anxieties over economic disruptions are notif predictions do pan out, there is someaffect mobility programs. This makes sense unfounded. Presented at the 2023 Worldcomfort in knowing the impact will not bein terms of fiscal responsibility, but Connell Economic Forum was a Chief Economistson par with the dire 2008 financial crisis.notes companies will still be focusing on Outlook stating that 63 per cent of thetalent acquisition and retention programs participating economists predict a global"One thing we have been pretty clear aboutto some degree. recession in 2023.with clients is saying that what happened in 2008 will not happen again," says Connell.What\'s interesting about what is Despite some positive signals in the final"What drove the crisis in 2008 was highhappening now is that talent acquisition months of 2022an easing of inflationaryinterest rates and people qualifying forand mobility managers are faced with that pressures, a modest uptick in consumermortgages they could not handle. Fortun- focus on containing costs while also dealing sentiment and stabilization of commodityately, real estate markets are now set up towith a lack of available talent. So even with 22PERSPECTIVES Spring 2023'