The pandemic has reset the ways we live, work, and do business, accelerating some long-term shifts and setting new changes in motion. In 2021, the McKinsey Global Institute took stock of how the economy is transforming—and the new opportunities now at hand.
Below infographic showcases 12 of the most thought-provoking charts from McKinsey Global Institute’s research over the past year. It’s a small sample of the rich insights they have found as they consider how the world has changed and the post-pandemic economy comes into focus.
12 highlights from McKinsey Global Institute 2021 research
Business shifts made during the pandemic could yield greater productivity
Acceleration of digitization and automation and other operational adjustments that businesses made to address changes imposed by the pandemic could enhance productivity and economic growth.
COVID-19 has altered consumer preferences
Online healthcare and grocery shopping have seen a persistent digital boom, while dining in restaurants and leisure travel are returning to prepandemic norms.
Asia’s consumption is rising—and growing more complex
By 2030, 70 percent of Asia’s population may have joined the consuming class, up from 45 percent in 2020. New pockets of growth are emerging.
Prioritizing health can deliver economic benefits
Poor health currently costs the European economy about 15 percent of GDP, or about $2.7 trillion annually.
The world is wealthier than ever—but much of that wealth is stored in bricks and mortar
MGI delved into the balance sheets of the corporate, public, household, and financial sectors across countries and found that net worth has grown rapidly over the past two decades even as GDP growth has been sluggish. Perhaps even more striking, at a time when the economy has become more digital and intangible, the biggest driver of rising net worth is real estate.
The contribution of business activity to GDP per capita has tripled since 1960
Shifts in the corporate landscape over the past quarter century have altered the pathways by which the economic benefits generated by corporations flow to households.
Intangibles drive productivity and growth
Investing more in intangibles such as intellectual property, research, technology, software, and human capital offers the potential for increased productivity—and growth.
Sustainable, inclusive growth can deliver big benefits for the environment, society, and the global economy
As COVID-19 recedes, world leaders have an opportunity to focus on improving lives and livelihoods by pursuing three enormous goals: growth, sustainability, and inclusion. At times these goals reinforce and enhance each other, while at other times they counteract each other. So while many agree on the aspiration, trade-offs often become the focus—sustainability or growth, inclusion or sustainability.
COVID-19 imposed major changes in the workplace
Thanks to accelerating automation, remote work, and the boom in e-commerce, the future of work is arriving faster than expected. We estimate that 100 million more workers across eight major economies will need to find new roles by 2030.
Rejuvenating traditional sectors can be an engine of growth
Manufacturers have new opportunities stemming from changing global cost structures and the introduction of new technologies, materials, and processes.An effective transformation of the US manufacturing sector could boost GDP by $275 billion to $460 billion while adding up to 1.5 million jobs.
China’s evolving economy requires a different mix of workforce skills
The opportunity for workforce transformation looms especially large in China. As consumption, services, and innovation replace capital investment and manufacturing as key drivers of the economy, China is rapidly moving to build its workers’ skills.
In 2021, McKinsey Global Institute’s research documented the gaps facing Black Americans as workers, business owners, consumers, savers, and residents—and considered the economic and human potential that could be unleashed by closing them.
Souce: McKinsey Global Institute