While much of the global economic outlook is dismal, I see a few reasons for optimism for the next five years. Below are a few highlights from the webinar I gave to senior executives at Pentair; the recording is available below. 

1. The U.S. economy will remain at full employment (defined as at or below 5% unemployment) over the next five years.
2. The dollar will peak this year and then depreciate against major currencies while remaining stable against emerging currencies.  
3. Strong domestic demand is buffering the U.S. from the rest of the world.
4. Commodity price deflation is ending; I expect a moderate rebound.
5. In 2017, mining and drilling exploration will rebound from its sharp plunge.
6. Housing will see strong demand growth over the next five years.
7. European manufacturing is showing positive (though still weak) momentum.
8. Global industrial production should accelerate from weak to modest growth in 2017 and 2018.

If you are interested in having a MAPI Foundation economist present at your management meeting or industry event, please email me.