/ TAG Economics

Ad veteran Martin Sorrell told an online Techonomy roundtable that the economy will be back by end of year, Trump will be reelected, and that few non-digital vestiges will be left in society and business once COVID gets through with us.

How do we get from this world to one in which people get on planes, go out to dinner, to dentist appointments and to Disney World?

Governments increasingly recognize that economies can reach their full potential only with the full participation of both women and men. To help countries achieve this goal, the World Bank Group is focusing on four key areas in particular.

In contrast to recessions driven mainly by a demand shortfall, the challenge posed by a supply-side-driven downturn is that it can result in sharp drops in production, generalized shortages and rapidly rising prices.

The United States’ federal budget deficit is currently projected to explode, increasing the federal debt to unprecedentedly high levels. A very gradual fiscal consolidation, with federal spending as a share of GDP declining slightly each year, would both raise economic growth and create a more resilient economy.

The recent push by big business in favor of a more socially and environmentally conscious corporate-governance model is not just empty rhetoric. With the public losing trust in business and markets, it is now in everyone’s interest to reform the system so that it delivers prosperity for the many, rather than the few.