Business Outlook & CEO Insights

 

Dear Friends,

Happy New Year ! It is a great pleasure to welcome 2024 with great hope and aspirations of peace, a better economy, and a more stable world.  As we look forward to a strong 47th year in business, let’s reflect back on the past 12 months.

2023 started as a continuation of 2022, where the high inflation caused havoc in the economy, creating uncertainties, polarized shortages, supply chain issues, skilled and unskilled labor shortages. All of this uncertainty had everyone fearfully bracing for a global recession.  “Soft-landing” or “hard-landing” was the ongoing subject of discussion, but the economy dodged a recession in 2023. In the end, the year closed with a decent GDP growth at 2.5%.

Indications are showing, and economists are forecasting a slowdown in 2024. The expectation is that the GDP will be 1.7% and inflation will fall below 3%. Predictions are that inflation will fall to 2% by the end of Summer, with anticipated fluctuations until the year's end.  This easing inflation opens the door for rate cuts – which the Federal Reserve may start as soon as Spring.

Epcon’s business was solid throughout 2023. We had large orders carried over from the previous year and we completed several global installations. Of course, we are laser-focused on increasing new business in 2024.  Our Sales and Application team are already on track for steady growth and a prosperous year. Epcon is exploring new business ventures and making alliances.  And, of course, keeping in close contact with our previous and existing customers.

- Aziz Jamaluddin

CEO of Epcon Industrial Systems

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