The Bio-Process Systems Alliance (BPSA) 2020 Speaker Series kicked off on Wednesday, May 13, with Ken Gronbach, President, KGC Direct, LLC, providing a post-COVID outlook on the U.S. economy. Gronbach uses marketing and demographic data to forecast societal, commercial, economic, cultural and political phenomena.
May 14, 2020 – The U.S. economy will not suffer as a result of COVID-19 because of its position in the global landscape, according to internationally renowned demographer Ken Gronbach.
The U.S. represents only 5 percent of the world’s population, but precipitates 35 percent of the world’s economy. Coupled with population data and marketing trends, Ken’s assessment sees the diverse yet balanced workforce in the U.S. as its primary asset. Comprised of the millennial generation, immigrants and both educated and skilled workers, the U.S. demographic dividend will propel the repatriation of manufacturing from China.
As the global economy readies itself for both the short-term and long-term effects of COVID-19, here are 5 key takeaways Ken shared for a post-COVID economy.
- By looking at demographics, we can predict the future from commercial to social to political to cultural trends.
- Counting people is a powerful framework through which to understand the world.
- A shortage of 25,000,000 housing units for the 88 million millennials moving into their own homes soon is predictive of economic growth in the housing, health care and manufacturing/technology sectors.
- Demographics not only define who we are, where we live, and how our numbers change, but also opens hidden business opportunities that lie ahead for those who can read beyond the raw figures.
- China’s demographic dividend, a large and cheap labor force, is aging and will end China as a manufacturing powerhouse. As a result, U.S. manufacturing, powered by a strong millennial population, will rise.
The Bio-Process Systems Alliance (BPSA), an affiliate of SOCMA, was formed in 2005 as an industry-led international association dedicated to encouraging and accelerating the adoption of single-use manufacturing technologies used in the production of biopharmaceuticals, cell and gene therapies and vaccines. www.bpsalliance.org.