As the economic toll of the pandemic on businesses wanes, what do the experts forecast the economy will look like in 2023 for Black-owned businesses and African American consumers?
One study from the Brookings Institute, released in 2022, shows that 92% of Black businesses surveyed experienced financial challenges during the pandemic, compared to 79% of white-owned companies. More recently, year over year from 2022 to 2023, earnings for Black businesses were down significantly compared to white-owned businesses, Mark S. Lee, the president of The LEE Group, said.
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Examining the economic outlook for 2023 and its impact on African Americans, “American Black Journal” host Stephen Henderson speaks with Mark S. Lee about the financial forecast as the pandemic eases. They discuss the state of inflation, what small businesses should do to prepare for the year ahead, reducing credit card debt, and deciding whether it’s a good time to purchase a home.
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Watch American Black Journal on Tuesday at 7:30 p.m. and Sunday at 9:30 a.m. on Detroit Public TV, WTVS-Channel 56.
