The COVID-19 pandemic has had a massive impact on how the global economy operates. Powerful forces are both accelerating long-standing existing trends (e.g., the demise of brick-and-mortar retail) and driving major new trends (e.g., remote work and onshoring). These forces are currently quite pronounced and will persist as long as the pandemic restricts normal activities, and will result in lasting consequences. With these forces come winners and losers. It is increasingly important for business and government leaders to understand how the economy will be transformed over the coming months and years so we can begin to take advantage of new opportunities and assist those individuals and businesses who have been, and will continue to be, economically dislocated through no fault of their own.
This report catalogs work by the Kenan Institute of Private Enterprise, in conjunction with the North Carolina CEO Leadership Forum, to distill insights from top academic researchers, business leaders and policy experts on how the economy is changing and what this means for the future of North Carolina. We describe seven forces currently reshaping the U.S. (and in some cases, global) economy.