This is what chief economists think about the global economy right now

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Successfully rebuilding the economy will be about far more than growth.

The World Economic Forum’s latest Chief Economists Outlook asks 40 chief economists for their views on the post-pandemic recovery.

It identifies three key emerging challenges facing governments and business leaders.

The crisis has made inequality worse – but it also provides unique opportunities to address it.

We need to broaden the set of targets we use to define success as we rebuild the global economy after the pandemic.

That view is among the insights from the World Economic Forum’s latest Chief Economists Outlook – Emerging Pathways Towards a Post-COVID-19 Reset and Recovery. For the report, the Forum asked its community of nearly 40 leading chief economists to assess the current economic outlook and consider how business leaders and policymakers need to respond.

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The next big inequality crisis

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Think polarization and inequality are bad now? Buckle up: big cities are poised to get bigger, richer and more powerful — at the expense of the rest of America, a new report by McKinsey Global Institute shows.

Why it matters: McKinsey’s analysis of 315 cities and more than 3,000 counties shows only the healthiest local economies will be able to successfully adapt to disruptions caused by the next wave of automation. Wide swaths of the country, especially already-distressed rural regions, are in danger of shedding more jobs.

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Robots ‘will take 20 million manufacturing jobs over the next decade’, report warns

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People have long been nervous about robots and artificial intelligence taking over human jobs – but the next decade will see the process shoot into overdrive.

During the next decade, machines will displace 20 million manufacturing jobs, a report by analyst firm Oxford Economics suggests.

That amounts to 8.5% of the global manufacturing workforce, with each robot displacing 1.6 workers on average.

The report says that robotisation is accelerating due to falling costs, with the average unit price of a robot falling 11% between 2011 and 2016, CNN reported.

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The most inclusive U.S. cities, mapped

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Heads up, cities: Economic growth does not necessarily go hand-in-hand with economic and racial inclusion.

That’s the finding of a new, in-depth analysis by the Urban Institute (UI) of the 274 largest cities in America. The report and accompanying data tool show how economic shifts in these cities since the 1980s have corresponded with “inclusion”—the ability of low-income residents and people of color to benefit from and contribute to the city’s economic gains.

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How AI is finding gender-inequality in the workplace

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The Fair Pay Act is a strict gender-equality law recently enacted in California. The law puts the burden of proof on a company to show that it has not shortchanged an employee’s salary based on gender. It’s a powerful tool to address a wrong that has already happened. But can discrimination be prevented in the first place? Even managers who don’t think they are biased may be—and just their word choices can send a signal. A new wave of artificial intelligence companies aims to spot nuanced biases in workplace language and behavior in order to root them out.

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Beware, fellow plutocrats, the pitchforks are coming: Nick Hanauer

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Nick Hanauer, venture capitalist and author

An unrepentant capitalist and rich guy, Nick Hanauer has something to say to his fellow plutocrats: Wake up! Growing inequality is about to push our societies into conditions resembling pre-revolutionary France. Hear his argument about why a dramatic increase in minimum wage could grow the middle class, deliver economic prosperity … and prevent a revolution. (Video)

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The Internet is the greatest facilitator of inequality in history

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The Internet affects the economy differently than the new businesses of the past did.

John Doerr, a venture capitalist, predicted in the 1990’s that the Internet would lead to the “the largest legal creation of wealth in the history of the planet.”  The Internet has created a tremendous amount of personal wealth. Just look at the rash of Internet billionaires and millionaires, the investors both small and large that have made fortunes investing in Internet stocks, and the list of multibillion-dollar Internet companies—Google, Facebook, LinkedIn, and Amazon. Add to the list the recent Twitter stock offering, which created a reported 1,600 millionaires.

 

 

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11 charts that explain the financial inequality in America

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How rich are the superrich?

A huge share of the nation’s economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244.

 

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