MGI In 2019 - McKinsey & Company
MGI in 2019Highlights of our research this yearDecember 2019
McKinsey Global InstituteSince its founding in 1990, the McKinsey Global Institute (MGI) has sought to develop adeeper understanding of the evolving global economy. As the business and economicsresearch arm of McKinsey & Company, MGI aims to provide leaders in the commercial, public,and social sectors with the facts and insights on which to base management and policydecisions.MGI research combines the disciplines of economics and management, employing theanalytical tools of economics with the insights of business leaders. Our “micro-to-macro”methodology examines microeconomic industry trends to better understand the broadmacroeconomic forces affecting business strategy and public policy. MGI’s in-depth reportshave covered more than 20 countries and 30 industries. Current research focuses on sixthemes: productivity and growth, natural resources, labor markets, the evolution of globalfinancial markets, the economic impact of technology and innovation, and urbanization.Recent reports have assessed the digital economy, the impact of AI and automation onemployment, income inequality, the productivity puzzle, the economic benefits of tacklinggender inequality, a new era of global competition, Chinese innovation, and digital andfinancial globalization.MGI is led by three McKinsey & Company senior partners: James Manyika, Sven Smit, andJonathan Woetzel. James and Sven also serve as co-chairs of MGI. Michael Chui, Susan Lund,Anu Madgavkar, Jan Mischke, Sree Ramaswamy, Jaana Remes, Jeongmin Seong, andTilman Tacke are MGI partners, and Mekala Krishnan is an MGI senior fellow.Project teams are led by the MGI partners and a group of senior fellows and includeconsultants from McKinsey offices around the world. These teams draw on McKinsey’sglobal network of partners and industry and management experts. The MGI Council, is madeup of leaders from McKinsey offices around the world and the firm’s sector practices andincludes Michael Birshan, Andrés Cadena, Sandrine Devillard, André Dua, Kweilin Ellingrud,Tarek Elmasry, Katy George, Rajat Gupta, Eric Hazan, Acha Leke, Gary Pinkus, Oliver Tonby,and Eckart Windhagen. The Council members help shape the research agenda, lead highimpact research and share the findings with decision makers around the world. In addition,leading economists, including Nobel laureates, advise MGI research.The partners of McKinsey fund MGI’s research; it is not commissioned by any business,government, or other institution. For further information about MGI and to download reportsfor free, please visit www.mckinsey.com/mgi.
ContentsFrom the Directorspage iii1. Globalization in transitionpage 12. Technology and the future of workpage 73. Socioeconomic challengespage 154. The changing business landscapepage 235. A “sneak preview” of our 2020 researchpage ipage 29i
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From the Directors2019 has been another highly productive year for the McKinsey Global Institute. Through ourresearch-based insights, our active engagement in key debates globally, and our publicationsthis year, we have contributed to ongoing discussion on some of the key global economicand social topics. These include the shifting nature of globalization, the opportunities andchallenges presented by technology, the future of work, the rise of inequality, and progresstoward gender parity. Alongside global research, we have also conducted regional andcountry studies, including on the power of parity in Africa, China and the world, Europe’sinnovation challenge, India’s digital leap forward, and Latin America’s “missing middle” ofcompanies and middle-class consumers.In this booklet, we present a synthesis of our 2019 highlights and provide a “sneak preview” ofsome of our forthcoming publications in early 2020.James ManyikaDirector and Co-chair, McKinsey Global InstituteSenior Partner, McKinsey & CompanySan FranciscoSven SmitDirector and Co-chair, McKinsey Global InstituteSenior Partner, McKinsey & CompanyAmsterdamJonathan WoetzelDirector, McKinsey Global InstituteSenior Partner, McKinsey & CompanyShanghaiDecember 2019iii
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1. Globalizationin transitionWhile trade tensions frequently dominated the headlines in2019, our research highlights deeper changes in the natureof globalization.Our most recent research on globalization analyzed23 industry value chains spanning 43 countries. It foundsignificant changes in trade, production, and participationbetween 1995 and 2017 that were partly obscured by the2008 global financial crisis. Among the shifts: a substantialincrease in cross-border services, even as goods-producingvalue chains have become less trade intensive, and a growingregional concentration of trade.2019 publications:Globalization in transition:The future of trade and valuechains (January)China and the world: Insidethe dynamics of a changingrelationship (July)Asia’s future is now (July)Innovation in Europe:Changing the game to regain acompetitive edge (October)Two research projects in Asia highlighted aspects of this shifting landscape, specifically theeastward tilt of the global economy. The first examined how China’s exposure to the worldin terms of technology, trade, and capital, has declined in relative terms, even as the world’sdependence on China has increased. The second kicked off a series of publications aboutthe growing role of Asia in the global economy. Noting the region’s rapid rise over the past30 years, “the question is no longer how quickly Asia will rise; it is how Asia will lead.”Later in the year, we looked at the other side of the world, to Europe and the challenges itfaces in strengthening innovation and competitiveness. Our research suggested five paths forthe continent to overcome its fragmentation and lack of scale.1
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China and the world: A changing relationshipChina has achieved global scale, but more can be done to integrateTrade11% of global goodstradeFirmsCapital110 Global Fortune 500Top 3 financial systemcompaniesHowever 6% of globalservices tradeHowever 20% revenue earnedoverseasTechnology2ndin the world onR&D spendingData802m internet usersHowever 6x more IP importsthan exportsborder data flows150m outbound tripsHowever However 6% of foreign0.2% of globalownershipmigrantsEnvironmentCulture45% of global renewa-2bles investmentHowever 20% of US cross-PeopleHowever ndlargest box officein the worldHowever 28% of world carbon1/3 of South KoreanemissionsTV drama exportsChina has been reducing its exposure to the world, while theworld's exposure to China has risenChina-World Exposure Index (trade, technology, and capital)1.2Weighted averageexposure of 7 largeeconomies1 1.00.80.4World exposureto ChinaChina exposureto the world20000.62017Significant value is at stake from less or more engagement between China and the worldSimulated impact, 2040Areas of engagement1. Growth as an import destination2. Liberalization of servicesPotential value at stake trillion, 2040 23–63–55 –83. Globalization of financial markets4. Collaboration on global public goods3–65. Flows of technology and innovationEffects of climate changecould be significantbeyond 20408–12Between 22 trillion and 37 trillion of economic value (equivalent to about 15 to 26 percent of global GDP by 2040)could be at stake from less or more engagement between China and the world12China, Japan, Germany, France, India, United Kingdom, and United States.Estimated value at stake based on specific conditions and assumptions, and should not be taken as a forecast.Source: McKinsey Global Institute analysis3
Asia’s future is nowExhibit 1Key macroeconomic indicators demonstrate Asia’s upward trajectory.Regional share of key indicatorsGlobal real GDP1Global GDP (purchasing power iddle-class age populationUrban 2000Asia2017Europe2040North America02000Rest of worldActualForecast1. Real GDP in 2017 US dollars.2. Defined as households with income between 20,000 and 70,000 (constant 2015 prices).Note: Figures are from the McKinsey Global Growth Model's baseline simulations and projections by external institutions, subject to modificationsbased on changes in economic conditions.Source: World Bank; World Health Organization; McKinsey Global Growth Model; McKinsey Global Institute analysis4McKinsey Global Institute
Innovation in EuropeExhibit 3Europe is lagging behind on many well-known elements of innovation.Europe’s positionSupplyLaggingDemandInnovation scales upto new marketsVibrant innovationnetworksand academia4%MixedDiffusionEntrepreneurs stand up andstart up with innovative idea 1/3Primarily positiveInnovation demanded bymore and more customersDiffusion by SMEsPrivate customerdemandof high-quality researchpublications areEuropeanDiffusion by incumbentsof consumers boughtonline in 2014;315 million Europeansuse internet every dayTalented entrepreneursof digital potentialreached by Europeanfirms compared to UScounterpartsDemand in publicsector/organizationsthrough procurementDiffusion by publicsector14%of European GDP goesto procurement, but onlya fraction into innovativetechnologies15%of European householdshave broadband speeds 100 Mb/s 2/3growth of Europeantech workforce instartups in 2018Sufficient seed andgrowth fundingSufficient public andprivate R&D spendingand investment inintangibles 50%of European governmentservices are digitized21%increase in techinvestment from 2017 to2018 7%of GDP invested inintangibles 2000–13,1.7 p.p. less thanUnited StatesDigital infrastructure and connectedness (eg, platforms, datainterfaces, accessibility)Market design and regulatory framework that foster and shapesupply, diffusion, and demand (eg, reduction of market barriers,copyright, technology standards, etc) 50%81different VATregimes within theEuropean UnionSource: World Economic Forum; Atomico; European Commission; European Court of Auditors; McKinsey Global Institute analysis5
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2. Technology and thefuture of workThe spread of automation and the rise of artificial intelligence(AI) and other frontier technologies have been recurringthemes for MGI research over the past few years. In 2019, wecontinued building on our research both on the opportunitiesand challenges that the technologies themselves create,as well as on the potential economic, business, and socialimpact, particularly on labor markets.In February, we published a discussion paper on the stateof Europe’s technological readiness, the latest in our “notesfrom the AI frontier” series. Among other insights, we foundthat Europe could add about 19 percent to its output by2030 if it were to develop and diffuse AI according to itscurrent assets and digital position.New research on the state of technology adoption in Indianoted how that country’s consumers have driven rapid growthin digital technology adoption and examined how businessesacross all sectors could harness the opportunities.2019 publications:Notes from the AI frontier:Tackling Europe’s gap in digitaland AI (February)Digital India: Technology totransform a connected nation(March)Digital identification: A key toinclusive growth (April)Tech for Good: Smoothingdisruption, improving wellbeing (May)The future of women at work:Transitions in the age ofautomation (June)Notes from the AI frontier:Tackling bias in artificialintelligence (and in humans)(June)The future of work in America:People and places, today andtomorrow (July)One element driving consumer adoption of digital technology in India is Aadhaar, the nationalbiometric digital identity program. In April, we devoted a report to these digital ID schemesglobally. It looked at the challenges and opportunities of such ID programs and sought to sizethe value to the global economy. We previewed our findings at the World Economic Forumin Davos.At the VivaTech conference in Paris in May, we presented findings from our latest researchon technology and its potential societal benefits. In particular, we looked at the benefits oftechnology beyond GDP, for social welfare more broadly, and highlighted the importance ofusing tech to drive innovative growth. Our findings focused on the difficult workplace andother transitions that could accompany technology adoption over the next decade, and theextent to which technological innovation itself could help smooth those transitions.The impact of technology on the future of work has been a major focus of our research overthe past few years. This year, we presented new insights in two areas. First, we took a genderlens to the question of how automation would affect the future of work, highlighting howwomen would need to navigate their way through a shifting workplace.Our second set of insights focused on the regional labor market implications of automationadoption. Building on our previous reports on jobs lost and gained through automation andthe changing skill requirements for the workforce, our research took a detailed view of howautomation could change the labor market across 315 cities and more than 3,000 counties inthe United States.7
What is gooddigital ID?Good digital ID is identification that is verified and authenticatedto a high degree of assurance over digital channels, is unique,is established with individual consent, and protects user privacyand ensures control over personal data.1 billionpeople are estimatedto lack a legallyrecognized form of IDOf the7.6 billionpeople on earth:3.2 billion3.4 billionpeople have someform of ID but nodigital trailhave someform of ID anda digital trailUnlocking global economic valueAcross our focus countries, digital ID could unlock economic value equivalent of 3–13% of GDP in 2030.EmergingUnited KingdomUnited mergingeconomiesaverageBrazil7%6%ChinaIndiaNigeria Ethiopia65%of potential value couldaccrue to individuals onaverage in emergingeconomies in our focusgroup, making it a powerfultool for inclusive growth.Potential for misuse and possible risk elementsWhile digital ID can reduce risks associated with conventional ID programs, such as manual error, it could be . misused withoutthe proper controls,akin to dual-usetechnologies such associal media, GPS, oreven nuclear energy. exposed to risksalready present in anydigital technology withlarge-scale populationlevel usage such assystem failures,cybersecurity breaches,and privacy violations.Note: Value estimates assume the digital ID program enables multiple high value use cases, attains high levels of usage,is established with individual consent, and protects user privacy and ensures control over personal data.Source: World Bank; ID4D; We Are Social Global Digital Report 2018; ITU; WDI; Findex; McKinsey Global Institute Analysis8McKinsey Global Institute. potentially exposed tosome risks found inconventional ID programssuch as the exclusion ofindividuals.
Tech for GoodExhibit 1People’s expectations of the future impact of technology are broadly positive,but with particular concerns around jobs, wages, safety, equality, and trust.EU-28,1%Negative impact15 years from now, what impact do you think science and technological innovationwill have on the following areas?2Well-being factorsJob securityProsperity45-19Material livingstandards1245-15Safety and sustainability-12Equal opportunitiesTrust in society65-10SocialconnectednessFairnessand ualwell-beingPositive impact-15-2556523037Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg,Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.Questions mapped to the MGI societal well-being framework. Survey with 27,910 respondents across the 28 European Union countries, representative of the EuropeanUnion population.Source: Special Eurobarometer 419, Public perceptions of science, research and innovation, 2014; McKinsey Global Institute analysis9
Digital IndiaUnlocking thepotential of technologyDigital usage in India is soaring as costs umber ofsmartphonesper 100people2018Total numberof internetusers0.1%86mb201420142018Number ofcashlesstransactionsper person20142018Monthly dataconsumptionper uniqueconnection2018Monthly dataprice (per1gb as % ofmonthly GDP)By 2025, digital could transform India's economy, sector by sector(Values show upper limit of an estimated range)Core digital sectors have the potentialto more than double by 2025.Newly digitising sectors will seesignificant value emerge.1 170bnPotential value by 2025 435bnGrowth potentialCurrent value 170bn 70bn 70bn 50bn 30bn 35bn170xFinancialservices70xJobs e digitalsectors11.7xRetailThe MGI India Firm Digitisation Index shows digitally advanced firmsare pulling ahead of their peers.Laggards (Index bottom quartile)Leaders (Index top quartile)58%46%2.6x13%29%3.5x2%Changing core operations torespond to digital disruption114.5xWith centralised digital teamIT business process management, digital communication services, and electronics manufacturing.Source: McKinsey Global Institute analysis1022%McKinsey Global InstituteUsing CRM software
Tackling Europe’s gapin digital and AIExhibit 4Europe’s AI diffusion lags behind that of the United States thus far, with the exception of smart robotics.% of firms using AI at scale, 2017European firms100% 650 firms34Big dataAI tools3825Smart roboticsAdvancedneuronal algorithmsEurope’s gap withthe United States%US firms100% 350 firms1323-8121518122116SOURCE: McKinsey Digital Survey, 2017; McKinsey Global Institute analysis11
The future of women at workNavigating transitions could put women on a path to more productive, better-paid work; failing todo so could worsen existing challengesThe overall scale of job losses and gains could be similar for men and women1WomenMenPotential jobs lost by 2030Potential jobs gained by 2030Jobs as a share of2017 employment,simple averageacross countries(107m) –20 %(162m) –21 %20 % (171m)19 % (249m)Patterns of jobs lost and gained will differ for men and womenBiggest job losses (% of 2017 employment for each gender)ServiceworkersBiggest job gains (% of 2017 employment for each gender)Machine operatorsand craft workers30 %40 %HealthcaresectorManufacturingsector25 %25 %But to capture job opportunities, millions of women will need to make major work transitions by 203040–160 million women (7–24%)and 60–275 million men (8–28%)will need to switch occupations by2030. If women can navigatethese transitions, they couldmaintain their current share ofemployment; otherwise genderinequality in work could worsen.Many women will need highereducation attainment or reskillingto stay employed.Navigating the transitions holds thepromise of higher wages for women.Avg. declineMature marketsAvg. riseMature marketsCollege/advanced degreeMoreAssociateHigh wage4%LessSecondary education160mSignificantly less–11%Lower than secondary education–7%Less40mEmerging marketsLow wageEmerging marketsCollege/advanced degreeMore60mMedium wageHigh wageAssociate8%More10%Medium wageSecondary education275mSignificantly moreLower than secondary educationLow wage7%MoreConcerted measures and creative new solutions by governments, companies, and individuals areneeded in three areas to enable the necessary transitions and overcome long-established barriers11Invest in training programs andplatforms to enable women todevelop necessary skills.2Enable women to balanceunpaid and paid work, anddevelop infrastructure andnetworks, to boost their labormobility and flexibility.3Raise women's access totechnology, their skills to use it,and their share of tech jobs andleadership roles.Based on analyzing ten countries that account for 65% of global GDP: Canada, China, France, Germany, Japan, Mexico, India, South Africa,the United Kingdom, and the United States.Source: McKinsey Global Institute analysisNOTE: All numbers described are based upon a trend-line scenario of job creation and a midpoint scenario of automation. The range of transitionsestimate is based upon both an early and a midpoint scenario of automation. See technical appendix for more details.12McKinsey Global Institute
America is a mosaic of local economies ondiverging trajectoriesAutomation could widen existing disparities13 community segments have varying economicand demographic profilesEconomic dynamismMostUrban coreMegacities; High-growthhubsPeripheryUrban peripheryNiche citiesSmall powerhouses; Silvercities; College-centric townsStable cities; Independenteconomies; America’s makersLow-growth/rural areasLeast30%of US271counties16%of US89counties6%of US325countiesMixed middleTrailing cities; AmericanaDistressed Americana; Ruraloutliers63countiesEmployment change for select communitysegments, % of 2007 employmentHigh-growth hubspopulation110populationpopulation24%of USMegacitiesTrailing cities100AmericanaDistressed Americanapopulation2,36524%countiesof USpopulation9020070809101112131415162017Estimated net job growth in midpoint adoption scenario, 2017–30, %Net growth, % 1510–155–1060%0–5 0of job growth by 2030 couldbe concentrated in 25 cities andtheir peripheriesPotential workforce displacement in midpoint adoption scenario,2017–3014.7M 11.5MYoung workers age 18–34Workers over age 5011.9MHispanics andAfrican Americans4xHigher displacementrisk for workers withhigh school diplomaor lessSource: McKinsey Global Institute analysis13
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3. SocioeconomicchallengesMGI has focused its attention on key socioeconomic themesat regular intervals, including our Power of Parity serieson gender equality, dating back to 2015, a 2016 report onincome stagnation, Poorer than their parents? Flat or fallingincomes in developing countries, and work on other topicsranging from obesity to affordable housing.2019 publications:A new look at the declininglabor share of income in theUnited States (April)Inequality: A persistingchallenge and its implications(June)Affordable housing in LosAngeles: Delivering more-anddoing it faster (November)In 2019, we again focused on several socioeconomic themesin our research. Looking at the United States, we used aThe power of parity: Advancingwomen’s equality in Africamicro-to-macro approach to examine the main factors(November)underlying the decline of the labor share of income and thecorresponding rise of the capital share. Our research foundthat some of the most-cited reasons, including technologyand globalization, were not the most significant factors; rather, boom-bust effects, includingfrom the recent commodity supercycle, and rising depreciation had the biggest impact.In June, we published a discussion paper on inequality, ahead of the G-7 summit in Biarritz inFrance that had put that topic on its agenda. This provided a detailed fact base, highlightinghow wealth and income inequality among countries has been declining, even as thatinequality within countries, especially in the OECD, has been growing. As well as looking atcross-border and within-country differences, the paper also shone a spotlight on two cities,Washington DC and Paris.One of the critical issues for households in cities is the cost of housing, which has been risingmuch faster than inflation in OECD countries. This year, we focused in detail on the housingmarket in Los Angeles. Our research followed previous work on affordable housing in general,and in California in particular. It found that 70 percent of all households in Los Angeles wouldhave to stretch financially to obtain a standard-size unit in their current neighborhood.We also continued our series of regional perspectives on gender equality and the potentialeconomic opportunity that this could bring, with a focus on Africa. We found solid progressin countries including Botswana and Rwanda, but also significant room for countries to makemore progress in equality at work and in society across the continent.15
The declining labor share of incomein the United StatesThe decline of labor’sshare of income in theUS accelerated since2000, accounting for3/4 of the decreasesince 1947The percentage of economic output that accrues to workersas compensation in exchange for their labor: 1947 to 201665.4%"–2.1 pp"63.3%"–6.6 pp"56.7%20001947We focus on 12 sectors that account for mostof the decreasing labor share and provide amapping of the 5 leading explanationsGlobalization and laborbargaining powerHighly relevantRelevantNot main driverSupercycles and boom-bustsWeighted total contributionto labor share decreaseCyclical sectorsMining and quarryingConstructionReal estateCoke and refined petroleumSelected manufacturing sectorsMotor vehiclesPharma and chemicalsComputer, electronics, and opticalTech-related servicesPublishing, audiovisual, and telecomComputer servicesInformation servicesOther servicesWholesale and retailTransportation and storageSource: BLS; OECD STAN; McKinsey Global Institute analysis16McKinsey Global Institute2016Rising and fasterdepreciationCapital substitutionand automationSuperstar effectsand consolidation1234533%26%18%12%11%
Reimagining Los AngelesUnlocking affordableHousing productionin LA CountyA combination of 12% 100,000housing units permittedfrom 2014 to 2018.Density neartransitNon-traditionalhousing formatsHigher ues.of which wereaffordable could deliver moreaffordable housing—more affordablyThe keys that can help Los Angeles provide safe,decent housing for residents in all income bracketsTransitInnovationCapitalizing onMetro expansionto add moreaffordable unitsthroughset-asidesIncentivizingnew lower-costconstructiontechniques andnon-traditionalhousing formatsEfficiencyand scaleStreamliningapprovals andfinancing toreducepre-constructiontimeSafety netSupportingthe mostvulnerabletenantsA deliverycoalitionBringingtogether thepublic, private,and socialsectors to getthings done17
Inequality: A persisting challengeand its implications2019InequalityExhibit 5 of 6Washington, DC, is one of the most unequal cities in the United States, asreflected in different outcomes for average residents of Ward 3 and Ward 8.WARD 3The most common jobcategory is management,business, science, andarts occupationsMean per capita income 88,000The mostcommon jobWARD 8category is serviceoccupations 20,000People who received food stamps in past 12 months1%Median house price 858,000Household has broadband internetOwn their own homes41% 257,00092%54%58%21%Adults with no high school diploma2%15%Adults with bachelor’s degree or above87%16%Residents that are registered as disabled6%18%Residents with private health insurance92%Unemployment rate3%12%Source: ACS 2017 5-year survey, US Census Bureau, March 2019, census.gov; McKinsey Global Institute analysis1838%McKinsey Global Institute
Inequality: A persisting challengeand its implications2019InequalityExhibit 6 of 6Life in Saint Ouen, just outside the city limits of Paris, differs markedly fromlife in the 7th arrondissement of the city itself.7THARRONDISSEMENTSAINTOUENAverage income per household member 42,000 17,000Average income per household member in 9th decile 130,000Homes that are second homes20% 34,0001%Rented homes for each owned home1.43.8Active businesses in the area in 201519,000Employment compared with the population7,000132%Unemployment rate7%Adults with no qualifications12%Adults with a university degree or equivalent71%Single-parent families13%Living below the poverty line8%74%14%35%32%26%29%Source: National Institute of Statistics and Economic Studies (INSEE); McKinsey Global Institute analysis19
316BThe economic case forgender parity in Africacould be added to Africa’s GDP in2025 if all countries matched theprogress towards gender equality oftheir best-performing neighbourThe McKinsey Global Institute Gender Parity Score(GPS) indicates progress towards gender parity0.52MoroccoGPS (1.00 gender parity)Medium inequalityHigh inequalityExtremely high inequalityNot .45Niger0.50BurkinaFaso0.520.50GuineaSierra Leone0.53Egypt0.55Nigeria0.53Liberia0.53Côte d'Ivoire0.51Benin0.59Ghana0.58Togo0.76 Highest emocraticRepublic ofCongo0.62Uganda0.62TanzaniaSouth Africa0.62Angola0.45 Lowest GPS:Niger0.72Namibia142 YRSHow long it would take forAfrica to reach gender parity,at the current 4LesothoTo accelerate progress and seize its growth opportunity,action by all stakeholders is needed in five areas:Invest inhuman capital20Create economicopportunitiesMcKinsey Global InstituteLeveragetechnologyShapeattitudesEnforce laws,policies, andregulations
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4. The changingbusiness landscapeThe new competitive challenges that companies mustaddress have also been a recurrent theme of our researchin the past. This year, we followed up on our “Superstars”research and also looked at issues of innovation, growth,and business dynamism in both Europe and Latin America.As the year drew to a close, we focused on the broaderchallenges that CEOs need to think about, in a world ofrapid transformation.2019 publications:“What every CEO needsto know about ‘superstar’companies,” McKinseyQuarterly (April)Latin America’s missingmiddle: Rebooting inclusivegrowth (May)In April, the McKinsey Quarterly published our latest discussion of corporate dyn
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TASC Reading Test Practice Items Read the text. Then answer the questions. Excerpt from Main Street by Sinclair Lewis Main Street is a novel about a girl who grew up in the big city. She has married a physician who moves them to the small town in the Midwest in which he grew up. She is reluctant to move from the city she knows, but goes along with her husband thinking that perhaps she can .
