With a new president in the White House and with the world still reeling from the effects of the COVID-19 pandemic, there is significant uncertainty when it comes to the global economy.

Despite things still being so up in the air, however, industry analysts have not stopped making bold predictions about what the future of the economy will look like for the U.S.

And although we are only 100 days or so into the Biden administration, even at this early stage we are beginning to see subtle hints at what the future has in store for the US.

Thankfully, for the most part, these initial signs are positive, and according to recent forecasting by the Federal Reserve, the economy is set to grow faster than initially anticipated.

Much of this is down to how well the U.S. is recovering from the pandemic. Although the U.S. performed worse than many of its peers in the midst of the pandemic, it has rebounded much better, thanks largely to the success of the vaccination program.

Beyond the immediate impact of and response to the pandemic, however, the economy looks set to undergo a number of significant changes over the next decade.

Here are some key trends, developments and adjustments to look out for going forward into the 2020s.

The green economy

In terms of the need for global cooperation, in one sense the pandemic is a precursor to a much more pressing issue that faces society at large in the need to address climate change.

The last few years have seen a rise in extreme weather events that can be directly linked to climate change. These extreme weather events are destructive not only for the physical environment but also have the potential to have long-term implications for the economy. It is this fact that has started to clue policy makers in to the fact that there is an economic incentive to tackle climate change head on.

For this reason, the Biden administration has made a commitment to transitioning to a green economy, with some of the first steps already being taken. In this regard, Biden’s decision to re-sign the Paris Agreement signals a positive step into the transition the economy looks set to make.

New sectors opening up

Beyond this broader transition into a green economy, other regulatory changes at federal and state level are opening up new sectors of the economy, which will make significant contributions to the U.S. going into the 2020s.

Examples of this include not only the legalization of recreational marijuana but also other industries such as iGaming.

Although the U.S. was previously quite resistant to iGaming, there have been significant efforts to relax these restrictions at both state and federal level in recent years. This has led to a wave of liberalization across many states in the U.S., as the proliferation of top online casinos demonstrates.

With that said, the likes of iGaming will be key sites of growth for the economy moving forward into the 2020s. Sites like CasinoTopplisten.com in Norway have grown in their respective market.

The future of work

Another development that looks set to shake up the U.S. in the next decade relates to changes in how we work.

With millions across the world confined to working from home over the last year, there are already strong signs that the traditional office-based working environment is on its way out in many industries and sectors across the US economy.

Many companies have already indicated their intention to switch to fully remote or hybrid working arrangements to meet changing employee needs and preferences.

While it is not clear what impact this will have on the economy, we can expect it to lead to a degree of decentralization and deconcentration of urban working populations away from traditional metropolitan locations. This could also have the effect of rejuvenating rural areas that have been steadily depopulating over the last few decades as employment opportunities have concentrated in a few key urban areas in the U.S.

A focus on infrastructure

This gradual shift towards remote working and decentralization of overpopulated urban areas will be significantly aided by the huge infrastructure plans the Biden administration is currently trying to put into effect.

For years, economic analysts have been warning policy makers about a growing infrastructure gap that the U.S. has been slipping into. This crumbling infrastructure has cost the economy billions each year, with states having to bear the brunt of the costs of undertaking infrastructure projects over the last few decades. This looks set to change under Biden, with the recent announcement of a $2 trillion plan to rebuild and rejuvenate infrastructure across the U.S.

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