RSS:

Newsletter subscribe:

Growth

The social contract in the 21st century

Date of Editorial Board meeting: 
Publication date: 
Saturday, February 15, 2020
Abstract in English: 
Life has changed substantially for individuals in advanced economies in the first two decades of the 21st century as a result of trends including disruptions in technology, globalization, the economic crisis of 2008 and its recovery, and shifting market and institutional dynamics. In many ways, changes for individuals have been for the better, including new opportunities and overall economic growth—and the prospect of more to come as the century progresses, through developments in science, technology and innovation, and productivity growth. Yet, the relatively positive perspective on the state of the economy, based on GDP and job growth indicators, needs to be complemented with a fuller assessment of the economic outcomes for individuals as workers, consumers, and savers.
In a report, The social contract in the 21st century: Outcomes so far for workers, consumers, and savers in advanced economies, the McKinsey Global Institute takes an in-depth look at these changes in 22 advanced economies in Asia, Europe, and North America, covering 57 percent of global GDP. Among the findings: while opportunities for work have expanded and employment rates have risen to record levels in many countries, work polarization and income stagnation are real and widespread. The cost of many discretionary goods and services has fallen sharply, but basic necessities such as housing, healthcare, and education are absorbing an ever-larger proportion of incomes. Coupled with wage stagnation effects, this is eroding the welfare of the bottom three quintiles of the population by income level (roughly 500 million people in 22 countries). Public pensions are being scaled back—and roughly the same three quintiles of the population do not or cannot save enough to make up the difference.

These shifts point to an evolution in the “social contract”: the arrangements and expectations, often implicit, that govern the exchanges between individuals and institutions. Broadly, individuals have had to assume greater responsibility for their economic outcomes. While many have benefited from this evolution, for a significant number of individuals the changes are spurring uncertainty, pessimism, and a general loss of trust in institutions.

Policy makers, business leaders, and individuals will need to focus on two fronts. The first is sustaining and expanding the gains achieved through continued economic and productivity growth; business dynamism; investment in economies, technology and innovation; and continued focus on job growth and opportunity creation. The second is tackling the challenges individuals face, especially those most affected. Leaders are beginning to respond to these opportunities and challenges to varying degrees. However, more is needed given the scale of the opportunities and challenges, if the outcomes for the next 20 or more years of the 21st century are to be better than the first 20 and increase broad prosperity.
File: 
Country of publication: 
Cover page image: 
Number of pages: 
176
Share: 

Megatrends in Africa

Date of Editorial Board meeting: 
Publication date: 
Wednesday, December 4, 2019
Abstract in English: 
The reports are not academic research as such. The authors are academically qualified researchers, however, and they base their findings on academic studies. In this study, six major trends in Africa are defined as megatrends: population growth, climate change, urbanisation, migration, techno­logical development and democratic development.
Megatrends in Africa are deep and long-term transformation processes that are irreversible. They can and should be mitigated, but will inevitably require adaptation as well. The trends also have an element of foresight, in regards to how they are set to develop in the future.
All the megatrends are interlinked and affect each other. Population growth and climate change can be seen as mega-megatrends that have an especially strong effect on the other trends.
The study contains reports on all six megatrends, which are examined through a Pan-African lens. The study also includes a summary of all megatrends and the interaction of their effects.
File: 
Country of publication: 
Cover page image: 
Number of pages: 
56
Share: 

Foresight Conference 2019 Report : Society 4.0

Date of Editorial Board meeting: 
Publication date: 
Friday, November 15, 2019
Abstract in English: 
Foresight Conference 2019 is organised by the Centre for Strategic Futures (CSF) in Singapore. The conference will be held on 25 and 26 July 2019, with the theme “Society 4.0”. This is CSF’s fifth Foresight Conference, which brings thought leaders and practitioners from different backgrounds together to explore emerging issues of global significance.
We loosely use the term “Society 4.0” to mean the society that will be and is already being shaped by the Fourth Industrial Revolution (4IR). Just as the First Industrial Revolution mechanised production via water and steam power and consequently reshaped economic, political and social structures, the 4IR is likely to have an equal or even more disruptive impact on the texture of society.
File: 
Country of publication: 
Cover page image: 
Number of pages: 
38
Share: 

Index of Readiness for Digital Lifelong Learning

Title Original Language: 
Index of Readiness for Digital Lifelong Learning
Original Language: 
Date of Editorial Board meeting: 
Publication date: 
Wednesday, November 13, 2019
Abstract in English: 
Digitalisation brings about disruptive transformations in society, ranging from access to services, interaction with others, obtaining and sharing information, to metamorphoses in the nature and organisation of work. Learning is no exception. Digitalisation of learning is the process by which education and training, and generally skills acquisition, development and recognition, are being transformed by the use of digital technologies. Digital technologies have already changed access to information and knowledge in everyday life. Online multimedia tutorials can be downloaded for any daily tasks. Nowadays, online tools and forums are the most effective means to master a statistical computer programme.To measure the current situation of digital learning in European countries and to draw attention to this very important issue, the Jobs & Skills Unit at the Centre for European Policy Studies (C EPS) has developed an Index of Readiness for Digital Lifelong Learning (IRDLL) for the European Union (EU)’s 27 countries. This Executive Summary presents the results of the research divided into four major chapters. The first deals with digital learning as a topic – what it is, and what it is good for. The second chapter presents the results of the IRDLL overall and of its individual subcomponents. It also contains the main messages that can be distilled for national governments and other stakeholders. The third part of the report looks at what the EU, at supranational level, is currently doing with regard to digitalisation of learning and draws recommendations for the next European Commission (EC). The last chapter contains 27 individual country sheets – ju st one page long – to present a reader-friendly summary of key findings for each EU member state (MS). In the past, the technological and infrastructural angle of the phenomenon dominated discussions on digital learning. More recently, it has become evident that digital learning encompasses how digital technologies are integrated in teaching and learning approaches, within an organisational and institutional context, considering also users’ ability to make the best use of such technologies and embrace change.
File: 
Country of publication: 
File Original Language: 
Cover page image: 
Number of pages: 
70
Country Original Language: 
Share: 

Lending to European Households and Non-Financial Corporations: Growth and Trends

Title Original Language: 
Lending to European Households and Non-Financial Corporations: Growth and Trends
Original Language: 
Date of Editorial Board meeting: 
Publication date: 
Friday, November 8, 2019
Abstract in English: 
The ECRI Statistical Package 2019 provides data on outstanding credit granted by monetary-financial institutions (MFIs) to households and non-financial corporations (NFCs) for the period from 1995 to 2018. Credit volumes and annual growth rates are broken down by sector and credit type to enable detailed insights into credit market developments over time and across countries. It comprises 45 countries including the EU Member States, EU candidate and EFTA countries as well as the US, Canada, Japan, Australia, Russia, Mexico and Saudi Arabia. 2018, loans to EU households and non-financial corporations(NFC) increased by 2.7%, the second consecutive year of the expansion.For the fourth year in a row, total loans in New Member States (NMS) grew faster than in old Member States (EU-15). Compared to the previous year, the total loans growth rate in 2018 accelerated from 2.2% to 2.7% in EU-15, while it slowed from 5.9% to 3.5% in NMS. Between 2017 and 2018, household loans increased by 2.8% and non-financial corporations (NFC) loans increased by2.6%. Total household loans grew most in in Slovakia (+11%), Romania (+9%) and Lithuania (+8%), while the largest contractions were registered in Cyprus (-31%), Greece (-7%) and Latvia (-5%). Finland (+19%), Hungary (+19%) and Luxembourg (+11%) were amongst the Member States with the largest growth rates in NFC loans. In turn, significant reductions were registered inalia, Russia, Mexico and Saudi Arabia.
File: 
Country of publication: 
File Original Language: 
Cover page image: 
Number of pages: 
11
Country Original Language: 
Share: 
Topics: 

OECD Economic Outlook

Date of Editorial Board meeting: 
Publication date: 
Thursday, November 21, 2019
Abstract in English: 
The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.
Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment, a series of focus notes on selected macroeconomic and structural issues, and a chapter summarising developments and providing projections for each individual country.
File: 
Country of publication: 
Cover page image: 
Number of pages: 
220
Share: 

Supply Chain Collaboration through Advanced Manufacturing Technologies

Title Original Language: 
Supply Chain Collaboration through Advanced Manufacturing Technologies
Original Language: 
Date of Editorial Board meeting: 
Publication date: 
Friday, November 1, 2019
Abstract in English: 
This report is the result of a collaboration between members of the World Economic Forum Council on Advanced Manufacturing and Production. It summarizes the main findings of work conducted on the application of advanced manufacturing and digital technologies on future production and supply-chain models. The applications set out in this paper highlight the importance of collaborations across supply-chain partners as crucial to technology adoption and exploitation. Five advanced manufacturing transformations are presented that offer real-world examples of how advanced manufacturing and digital technologies are driving new supply-chain capabilities achieved through supplier-producer-user collaboration. These five transformations, while not aiming to be exhaustive, demonstrate 1) smart manufacturing, 2) flexible supply chains, 3) authentication and consumer engagement, 4) supply chain visibility and resilience, 5) remanufacturing, reduce, reuse and recycling.
File: 
Country of publication: 
File Original Language: 
Cover page image: 
Country Original Language: 
Share: 

Policy Pathways for the New Economy Shaping Economic Policyin the Fourth Industrial Revolution

Title Original Language: 
Policy Pathways for the New Economy Shaping Economic Policyin the Fourth Industrial Revolution
Original Language: 
Date of Editorial Board meeting: 
Publication date: 
Sunday, November 3, 2019
Abstract in English: 
This white paper is the outcome of a set of international, multi-stakeholder dialogues organized by the World Economic Forum’s Platform for Shaping the Future of the New Economy and Society under the umbrella of the Second Dialogue Series on New Economic Frontiers. The First Dialogue Series was convened between September 2018 and January 2019 (https://www.weforum.org/whitepapers/dialogue-series-on-new-economic-and-social-frontiers-shaping-the-new-economy-in-the-fourth-industrial-revolution). This second series engages the Platform’s Global Future Councils on the New Economic Agenda and the New Social Contract, representing views from business, government, civil society and the research community. It identifies some of the most urgent challenges at the intersection of globalization, technology, economics and society, and explores a range of potential interventions to address them. As opposed to the First Dialogue Series, which considered a broad range of public- and private-sector led solutions, this Series focuses entirely on interventions in the public policy space, in the areas of labour, innovation and tax policy. As a key output of the learning created, this white paper draws upon discussion contributions by leaders and experts who engaged in the Dialogue through a series of virtual calls between May and August 2019. It also includes the latest thinking from international organizations, academic researchers, think tanks, businesses and other stakeholders. It aims to develop consensus towards a common narrative on the new economic and social context and objectively identify emerging response options for policy makers. The white paper is intended to be a resource for governments, business and other stakeholders interested in furthering economic and social progress in the Fourth Industrial Revolution.
File: 
Country of publication: 
File Original Language: 
Cover page image: 
Country Original Language: 
Share: 

The World Development Report 2019: The Changing Nature of Work

Date of Editorial Board meeting: 
Publication date: 
Tuesday, July 17, 2018
Abstract in English: 
The World Development Report (WDR) 2019: The Changing Nature of Work studies how the nature of work is changing as a result of advances in technology today. Fears that robots will take away jobs from people have dominated the discussion over the future of work, but the World Development Report 2019 finds that on balance this appears to be unfounded. Work is constantly reshaped by technological progress. Firms adopt new ways of production, markets expand, and societies evolve. Overall, technology brings opportunity, paving the way to create new jobs, increase productivity, and deliver effective public services. Firms can grow rapidly thanks to digital transformation, expanding their boundaries and reshaping traditional production patterns. The rise of the digital platform firm means that technological effects reach more people faster than ever before. Technology is changing the skills that employers seek. Workers need to be better at complex problem-solving, teamwork and adaptability. Digital technology is also changing how people work and the terms on which they work. Even in advanced economies, short-term work, often found through online platforms, is posing similar challenges to those faced by the world’s informal workers. The Report analyzes these changes and considers how governments can best respond. Investing in human capital must be a priority for governments in order for workers to build the skills in demand in the labor market. In addition, governments need to enhance social protection and extend it to all people in society, irrespective of the terms on which they work. To fund these investments in human capital and social protection, the Report offers some suggestions as to how governments can mobilize additional revenues by increasing the tax base.
File: 
Country of publication: 
Cover page image: 
Number of pages: 
151
Share: 

Two Degrees of Transformation Businesses are coming together to lead on climate change. Will you join them?

Date of Editorial Board meeting: 
Publication date: 
Thursday, April 11, 2019
Abstract in English: 
The ‘Two Degrees of Transformation’ report was developed in collaboration with the Alliance of CEO Climate Leaders – a leadership community supported by the World Economic Forum’s Shaping the Future of Environment and Natural Resource Security System Initiative. The run-up to 2020 is a crucial period for delivering progress in line with science if the world is to avoid the worst effects of climate change. Climate change will shape the way in which we do business for decades. Business has a vital role to play in curbing its effects by limiting carbon emissions, but success isn’t just about action from individual companies. Business, sectors, states and regions need to consolidate efforts to create change on a level large enough to halt the crisis. The report reveals what is already happening, bringing together examples from CEOs, companies and sectors from around the world, of smart working, new thinking and innovation. It highlights examples that others can follow, and that will make transformation happen faster than ever before.
File: 
Country of publication: 
Cover page image: 
Share: 

Pages

Subscribe to RSS - Growth