David Heymann, Managing Partner of Meltzer, Lippe, Goldstein & Breitstone, LLP provided insight on what Long Island business owners can expect to see in 2024 in the Long Island Business News special issue “Forecast for ’24.”
He noted: Inflation, interest rates, the 2024 election and geopolitical tensions will drive 2024’s economy. In particular, increased interest rates and tightening of the lending markets has resulted in a significant decrease in real estate and corporate transactions. This won’t change in 2024 absent either traditional lending sources or non-traditional lending sources providing affordable capital. The pending presidential election creates further uncertainty as to our local and national economies. A cynic (or realist) might prophesize that the Democrats will do everything they can to stimulate the economy while the Republicans will do everything they can to limit economic growth prior to the election. Further adding to the complexities we are facing are geopolitical concerns, which are playing out in many areas of our world. This convergence of challenges will lead people to act with great caution until there is a clearer understanding of these issues. Chaotic economic climates, while detrimental for many, create attractive opportunities for others. Distressed debt buyers should see opportunities present themselves in 2024 as lenders will seek to offload at risk loans. Non-traditional capital providers are seeing and should continue to see opportunities. Companies with ample dry powder should have opportunities to acquire less financially stable companies. As our population ages, and the unwarranted stigma surrounding mental health issues dissipates, the need for estate planning, elder care planning, guardianship services and mental health planning will continue to grow.
Read more: Long Island Business News