What is the New Normal?
The New Normal was coined in 2008 after the economy was shattered. The aftermath was referred to as the New Normal in a Bloomberg News article written by journalists Rich Miller and Matthew Benjamin. The article was titled: “Post-Subprime Economy Means Subpar Growth as New Normal in U.S.” From there it became the official term to describe changed norms in the post-crisis reality.
The term has made a come-back now in 2020, to describe again, a reality that is in many ways completely changed. Post-COVID has been coined the “Next Normal” by McKinsey to differentiate it from the last post-crisis reality.