By many measures, the first two decades of the 21st century have been a time of opportunity and abundance — notwithstanding the 2008 global financial crisis. Our world has been transformed by the internet and smartphones. A billion people have come out of poverty. Employment relative to population in OECD countries is now above 70% — a record. And most economies are once again expanding at a steady if not spectacular clip.
How the Economy Differs for Workers, Consumers, and Savers
Each lens tells a different story.
February 24, 2020
Summary.
There’s no question that the economic gains for many people in advanced economies over the last two decades have been significant. But not everyone has benefited equally. A new analysis found that outcomes for individuals in three roles — as workers, as consumers and as savers — present a more nuanced picture than the aggregate data might suggest. Polls suggest that the downbeat public mood in many countries is a reflection of the daily realities many are confronting. Policy makers and business leaders need to look beyond the positive aggregate economic data to what is really happening in people’s lives.