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2024 and beyond: Will it be economic stagnation or the advent of productivity-driven abundance?

April 23, 2024
McKinsey and Company
Summary
In the article, "2024 and beyond: Will it be economic stagnation or the advent of productivity-driven abundance?", authors Ezra Greenberg, Asutosh Padhi, and Sven Smit discuss the economic outlook for 2024, emphasizing the uncertainty and challenges posed by geopolitical tensions, shifts in the global economy, and technological advancements. Despite short-term risks, they argue that seizing a three-sided productivity opportunity—comprising upskilling workers, enhancing operational efficiency, and strategically investing in technology—can propel companies towards growth and profitability. This approach, they claim, is critical not only for individual businesses but could also significantly elevate broader economic performance if widely adopted, potentially leading to a period of abundance characterized by increased jobs, corporate value, technological progress, and economic growth.
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