Governors Economic Recovery Committee

Excluding China, emerging market and developing economies are forecast to expand 3. 4 percent in 2021, after a contraction of 5 percent in 2020. The 2020 Recycling Economic Information Report builds on the work from the 2001 and 2016 REI studies. The report focuses on the economic impacts of recycling rather than the environmental benefits, as the environmental benefits have been researched in detail.

A fifth study summarizes the potential role of debt standstills in alleviating sovereign debt burdens that have been heightened by the pandemic. The last study tracks household responses to an universal government grant in Israel in August 2020, finding that many recipients paid off debt or gave the grant to someone who they regarded as in greater need. Alternate and long-standing terminology distinguishes measures of an economy expressed in real values, such as real GDP, or in nominal values. To support economic recovery, authorities need to facilitate a re-investment cycle aimed at sustainable growth that is less dependent on government debt, the report noted. China’s economy is expected to expand by 7. 9 percent this year following 2 percent growth last year, according to the report.

Women are more than twice as likely than men to be contributing family workers. From the latest available data, the share of women in informal employment in developing countries was 4. 6 percentage points higher than that of men, when including agricultural workers, and 7. 8 percentage points higher when excluding them. Women remain less likely to participate in the labour market than menaround the world. Labour force participation rate for women aged is 63 per cent compared to 94 per cent for men. When including younger and older women, in 2018 women’s global labour force participation rate is event lower at 48. 5 per cent, 26. 5 percentage points below that of men. Companies greatly benefit from increasing employment and leadership opportunities for women, which is shown to increase organizational effectiveness and growth. It is estimated that companies with three or more women in senior management functions score higher in all dimensions of organizational performance.

A third examines the role of measurement error and survey bias in US unemployment statistics, with particular attention to the unemployment spike following the COVID-19 outbreak. Another analyzes cross-national data and finds that the pandemic-related death toll has been smaller in nations that experienced deep human and economic losses in World War II, perhaps because of societal preparedness to respond to large shocks.

America’s food and agriculture sectors feed the economy and fortify the nation. Together, they are responsible for roughly one-fifth of the country’s economic activity, directly supporting over 23 million jobs; that equals nearly 15% of US employment. Although many migrant women are highly skilled and well-educated, they face challenges in accessing foreign labour markets. Employment restrictions for migrants coupled with the de-skilling prevalent in gendered labour markets and pervasive stereotypes associated with migrant women in countries of destination, can negatively impact their job prospects. Indeed, many migrant women participate in low-skilled and precarious jobs characterized by low wages, poor working conditions, limited labour and social protections, and exposure to physical and sexual violence. Violence and harassment in the world of work affects women regardless of age, location, income or social status. The economic costs – a refelction of the human and social costs – to the global economy of discriminatory social institutions and violence against women is estimated to be approximately USD 12 trillion annually.

In broad terms, the strategy is to extend back to earlier periods the system of national income accounting that countries use today to estimate the total output of the economy. The main objective is to apply a methodology that reconstructs this metric consistently over time and across countries. In the absence of data collected at the time, researchers have to bring together what evidence they can from historical sources, but the basic principles are the same. The data visualized in these two charts shows that the world is not the zero-sum economy that it was in our long past. It is not the case anymore that one person’s or one country’s gain is automatically another one’s loss. Economic growth transformed the world into a positive sum economy where more people can have access to more goods and services at the same time. What this research shows is that it very much differs between countries and over time who is benefiting from economic growth.


Moreover, vaccine distribution is under way, thereby setting the stage for a significant acceleration in growth later in the year. As in the United States, full implementation of the vaccine will likely entail a reduction in household saving and an increase in spending on consumer-facing services. For European governments, an improvement in growth will work wonders for government finances, which have been severely disrupted during the pandemic. The European Central Bank will likely continue to provide support to the market for government debt, especially as long as inflation remains muted. Six NBER working papers distributed this week investigate the COVID-19 pandemic’s economic and health consequences, or the impact of public policies designed to respond to the pandemic.

One reports that “deaths of despair” among working-age men have risen during the pandemic, contributing to excess mortality. A second draws on past experience to assess the long-term impact of pandemic-related unemployment on life expectancy.

While in the US, for example, most of the income gains went to the richest members of society this is not true of other countries where economic growth was widely shared among all. Throughout history there were several episodes in which certain economies achieved economic growth, but in contrast to the sustained growth since the Industrial Revolution these episodes were all short-lived. What is new about modern times is that the growth of incomes lasted for a very long time – until today – and that this growth did not only increase the incomes in one economy, but instead spread to other economies as well.

By comparison, over the last 30 years, the two figures have averaged 5. 9 percent and 61. 4 percent, respectively. The COVID-19 pandemic precipitated the sharpest and deepest economic contraction since the Great Depression. Although the economy has recovered somewhat since the spring of 2020, millions of Americans who lost their jobs remain unemployed, and the economy is operating far below its capacity. A new round of economic relief and stimulus would help raise the level of economic activity and restore full employment. The fourth quarter outbreak of the virus on the European continent quickly abated due to the imposition of economic restrictions as well as reduced consumer mobility. In addition, many governments in the European Union extended support for the labor market well into 2021, thereby averting further economic distress. The result is likely to be a strong upturn in growth in the first quarter of 2021 after a likely decline in activity in the last quarter of 2020.

The process of opening world markets and expanding trade, initiated in the United States in 1934 and consistently pursued since the end of the Second World War, has played an important role in the development of American prosperity. According to the Peterson Institute for International Economics, American real incomes are 9% higher than they would otherwise have been as a result of trade liberalizing efforts since the Second World War. In terms of the U. S. economy in 2013, that 9% represents $1. 5 trillion in additional American income. The worst previous episode was in the early 1980s, when long-term unemployment as a share of all unemployed workers peaked at 26. 0 percent and the long-term unemployment rate peaked at 2 . 6 percent. That belief also gave the Fed leeway to cut interest rates when the expansion showed signs of faltering. From February to April, the unemployment rate rose from 3. 5 percent to 14. 7 and the employment-to-population ratio fell from 61. 1 percent to 51. 3 percent.

LinkedIn’s Economic Graph team partners with world leaders to analyze labor markets and recommend policy solutions to prepare the global workforce for the jobs of the future. The World Bank projected that global potential growth — which assumes the economy operating at full employment and capacity — will slow to 1. 9% a year from 2020 to 2029. Before the pandemic, potential growth was expected to be 2 . 1% a year over the ten-year period, said the bank. SINGAPORE — The global economy could be in for “a lost decade” with subdued growth after the Covid-19 pandemic triggered the worst economic recession since World War II, the World Bank said on Tuesday.