AMDK say Global Household suffer from wealth loss for 1St time since 2008 GFC, sure boh?

[k1976]

By Marion Halftermeyer
August 15, 2023 at 4:40 PM GMT+8

Global household wealth fell last year for the first time since the financial crisis in 2008, as inflation and the appreciation of the US dollar wiped some $11.3 trillion off assets.

Total net private wealth across the world decreased by 2.4% to a total of $454.4 trillion, according to Credit Suisse’s annual global wealth report published on Tuesday. The bulk of the decline was felt in North American and European households, which lost a combined $10.9 trillion.

 

[k1976]

https://www.bloomberg.com/news/arti...-inflation-surged?srnd=premium-asia#xj4y7vzkg

 

[k1976]

https://www.reuters.com/business/fi...2027-despite-recent-decline-study-2023-08-15/

Global wealth projected to rise 38% by 2027, despite recent decline - study​

Reuters
August 15, 20236:49 PM GMT+8Updated an hour ago

 

[k1976]

Global wealth projected to rise 38% by 2027, despite recent decline - study​

Reuters
August 15, 20236:49 PM GMT+8Updated an hour ago

A picture illustration of U.S. dollar, Swiss Franc, British pound and Euro bank notes, taken in Warsaw January 26, 2011. REUTERS/Kacper Pempel/File Photo

ZURICH, Aug 15 (Reuters) - Global wealth, as measured in personal holdings of assets from real estate to stocks and shares, is projected to rise 38% by 2027, driven largely by emerging markets, a study published by Credit Suisse and UBS (UBSG.S) showed on Tuesday.

The annual Global Wealth Report, which estimates the wealth holdings of 5.4 billion adults across 200 markets, says global wealth will reach $629 trillion over the next five years.

The upbeat outlook comes despite 2022 recording the first fall in net global household wealth since the 2008 global financial crisis.
In nominal terms, net private wealth dipped 2.4% last year, with the loss concentrated in more prosperous regions such as North America and Europe, the report showed.

A stronger U.S. dollar was a big factor.
The largest wealth increases last year were recorded for Russia, Mexico, India and Brazil. The report forecast wealth in emerging economies, including the BRICS countries - Brazil, Russia, India, China and South Africa - will rise 30% by 2027.

 

[k1976]

https://www.businesstimes.com.sg/in...cted-rise-38-cent-2027-despite-recent-decline

The largest declines last year came from financial assets, as opposed to non-financial assets such as real estate, which remained resilient.

Broken down on an individual basis, this meant adults were US$3,198 worse off by the end of last year.

However, “global median wealth, arguably a more meaningful indicator of how the typical person is faring, did in fact increase by 3 per cent in 2022 in contrast to the 3.6 per cent fall in wealth per adult,” the report said.

Median wealth has seen a five-fold increase this century, largely due to rapid wealth growth in China. REUTERS

 

[k1976]

​

Global wealth projected to rise 38 per cent by 2027, despite recent decline​

Published Tue, Aug 15, 2023 · 6:36 pm Updated Tue, Aug 15, 2023 · 6:59 pm

The upbeat outlook comes despite 2022 recording the first fall in net global household wealth since the 2008 global financial crisis.

PHOTO: REUTERS

Global Wealth​

GLOBAL wealth, as measured in personal holdings of assets from real estate to stocks and shares, is projected to rise 38 per cent by 2027, driven largely by emerging markets, a study published by Credit Suisse and UBS showed on Tuesday (Aug 15).

The annual Global Wealth Report, which estimates the wealth holdings of 5.4 billion adults across 200 markets, says global wealth will reach US$629 trillion over the next five years.

The upbeat outlook comes despite 2022 recording the first fall in net global household wealth since the 2008 global financial crisis.

In nominal terms, net private wealth dipped 2.4 per cent last year, with the loss concentrated in more prosperous regions such as North America and Europe, the report showed. A stronger US dollar was a big factor.

The largest wealth increases last year were recorded for Russia, Mexico, India and Brazil. The report forecast wealth in emerging economies, including the Brics countries – Brazil, Russia, India, China and South Africa - will rise 30 per cent by 2027.

It expects the further increases in emerging markets to contribute to a reduction in global wealth inequality in the coming years.

 

[k1976]

https://www.google.com.sg/amp/s/for...ok-inflation-growth-mischke-white/amp/?espv=1

 

[k1976]

McKinsey Global Institute sees 4 possible scenarios for the economy by 2030. Only one leads to long-term growth​

The economic, banking, and investment landscape of the next decade is likely to look materially different from the recent past.​

BY
JAN MISCHKE
,
SVEN SMIT
, AND
OLIVIA WHITE
June 08, 2023 6:21 AM EDT


COVID-19. War in Europe. Inflation. Geopolitical uncertainty. Global business leaders have had a lot to deal with in the last few years, and they cannot assume the future will be any easier or more familiar. Rather, the economic, banking, and investment landscape of the next decade is likely to look materially different from the recent past.


Economically speaking, the 21st century has been unusual. The “global balance sheet” is an accounting of the whole world’s economy—counting up the assets and liabilities of households, corporations, governments, and financial institutions. Before 2000, the balance sheet grew in tandem with GDP. Since then, the assets on the balance sheet have increased far faster than GDP, as assets like equity and real estate created $160 trillion in paper wealth. In effect, a glut of savings couldn’t find productive outlets in the real economy, so investment was low. That contributed to sluggish growth, low global inflation, and declining interest rates.

These trends may now be fading. Investment requirements are rising. Progressing toward net-zero emissions, for example, will require incremental investment estimated at two percentage points of global GDP for the rest of this decade. Then there are the stated commitments to new infrastructure, stronger supply chains, and defense.

What’s next? And what can we do about it? To address those questions, the McKinsey Global Institute considered four different plausible scenarios for how the global economy will evolve by 2030.

 

[k1976]

Scenario #1: Repeat performance​

Looking just at the United States, in this scenario, volatility ebbs, and the economy goes back to roughly where it was from 2000 to 2020: high savings, weak investment, a not-too-tight labor market, and low inflation and interest rates. Productivity and output growth are both weak. Wealth continues to grow, but at the expense of real economic output and higher inequality. The balance sheet expands relative to GDP and remains vulnerable to disruption.

 

[k1976]

Scenario #2: Back to the ’70s​

No, not platform shoes and disco. In this scenario, there is something akin to the stagflation the U.S. experienced in the 1970s. Inflation and short-term interest rates stick at around 4%, depressing the real value of assets including equity and real estate. Central banks have to balance fighting inflation with supporting financial stability. Consumption is strong, but growth is unimpressive. Corporate earnings grow slowly, and the lack of price stability means a high risk of market volatility. Real household wealth declines. Relative to GDP, the global balance sheet reverts toward historic averages.

 

[k1976]

Scenario #3: A balance sheet reset​

Think Japan after the real-estate/equity bubble burst, when its total net worth relative to GDP contracted by 20% from 1990 to 2000. Known as the “lost decade,” this was essentially a 10-year episode of stagnation and recession, affecting wealth, income, and financial stability. In this scenario, fiscal and monetary policy tightens strongly to bring inflation down. Asset prices contract in response, putting financial institutions under pressure. Prolonged deleveraging dampens growth as consumers pay down debt rather than spend.

 

[k1976]

Scenario#4: Productivity acceleration​

This is the only scenario that envisions long-term growth of both income and wealth. Greater real investment and the deployment of digital and emerging technologies such as generative A.I. raise productivity. Brisk, broad-based GDP growth boosts household wealth–as much as by an additional $16 trillion in the U.S. alone. Inflation falls while real interest rates rise to about 1 percent on average, supporting productive capital allocation, and improving the health of the global balance sheet. In this strong and stable economy, deposits shrink in real terms and central banks roll back quantitative tightening.

 

[k1976]

These four distinct scenarios have one thing in common: major real-world consequences. The difference in household wealth between the “balance sheet reset” and “high-productivity” scenarios adds up to $48 trillion in the United States alone by 2030, according to our estimates. And the difference in GDP growth is 1.7 percentage points.

To plan for such a broad range of possibilities, businesses need to go beyond tracking short-term indicators like interest rate decisions or monthly inflation numbers. Instead, they will want to plan for the longer-term structural shifts that will shape your industry. Are net-zero commitments being met? Are trade policies changing? What domestic policy factors matter most?

Because the future is uncertain (and could be worse), firms need to strengthen risk management. Actions could include bolstering equity buffers, strengthening balance sheets, and offloading macro risk. Finally, even while shoring up resilience, businesses should seek new growth opportunities, which may require developing new business models and capabilities.

 

[k1976]

In recent years, the global economy has endured shock after shock. No doubt many people wouldn’t mind a return to the relative calm of, say, 2019. But the fact is, that cannot be assumed.

Of course, business leaders and policymakers should strive to achieve the best scenario, “productivity acceleration.” But given recent volatility, they should also be preparing for the less favorable ones. When it comes to economics, what’s past is not always prologue.

 

[k1976]

https://www.mckinsey.com/mgi/our-research/generative-ai-and-the-future-of-work-in-america

 

[k1976]

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McKinsey Global Institute

Generative AI and the future of work in America​

July 26, 2023 | Report

By Kweilin Ellingrud, Saurabh Sanghvi, Gurneet Singh Dandona, Anu Madgavkar, Michael Chui, Olivia White, and Paige Hasebe
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Which jobs will be in demand? Which ones are shrinking? And which ones could be hardest to fill?

DOWNLOADS​

Special Report
Full Report (76 pages)

At a glance​

• During the pandemic (2019–22), the US labor market saw 8.6 million occupational shifts, 50 percent more than in the previous three-year period. Most involved people leaving food services, in-person sales, and office support for different occupations.
• By 2030, activities that account for up to 30 percent of hours currently worked across the US economy could be automated—a trend accelerated by generative AI. However, we see generative AI enhancing the way STEM, creative, and business and legal professionals work rather than eliminating a significant number of jobs outright. Automation’s biggest effects are likely to hit other job categories. Office support, customer service, and food service employment could continue to decline.
• Federal investment to address climate and infrastructure, as well as structural shifts, will also alter labor demand. The net-zero transition will shift employment away from oil, gas, and automotive manufacturing and into green industries for a modest net gain in employment. Infrastructure projects will increase demand in construction, which is already short almost 400,000 workers today. We also see increased demand for healthcare workers as the population ages, plus gains in transportation services due to e-commerce.
• An additional 12 million occupational transitions may be needed by 2030. As people leave shrinking occupations, the economy could reweight toward higher-wage jobs. Workers in lower-wage jobs are up to 14 times more likely to need to change occupations than those in highest-wage positions, and most will need additional skills to do so successfully. Women are 1.5 times more likely to need to move into new occupations than men.
• The United States will need workforce development on a far larger scale as well as more expansive hiring approaches from employers. Employers will need to hire for skills and competencies rather than credentials, recruit from overlooked populations (such as rural workers and people with disabilities), and deliver training that keeps pace with their evolving needs.

 

[k1976]

McKinsey Global Institute

Generative AI and the future of work in America​

July 26, 2023 | Report

By Kweilin Ellingrud, Saurabh Sanghvi, Gurneet Singh Dandona, Anu Madgavkar, Michael Chui, Olivia White, and Paige Hasebe
Share

Print

Download

Save

Which jobs will be in demand? Which ones are shrinking? And which ones could be hardest to fill?

DOWNLOADS​

Special Report
Full Report (76 pages)

At a glance​

• During the pandemic (2019–22), the US labor market saw 8.6 million occupational shifts, 50 percent more than in the previous three-year period. Most involved people leaving food services, in-person sales, and office support for different occupations.
• By 2030, activities that account for up to 30 percent of hours currently worked across the US economy could be automated—a trend accelerated by generative AI. However, we see generative AI enhancing the way STEM, creative, and business and legal professionals work rather than eliminating a significant number of jobs outright. Automation’s biggest effects are likely to hit other job categories. Office support, customer service, and food service employment could continue to decline.
• Federal investment to address climate and infrastructure, as well as structural shifts, will also alter labor demand. The net-zero transition will shift employment away from oil, gas, and automotive manufacturing and into green industries for a modest net gain in employment. Infrastructure projects will increase demand in construction, which is already short almost 400,000 workers today. We also see increased demand for healthcare workers as the population ages, plus gains in transportation services due to e-commerce.
• An additional 12 million occupational transitions may be needed by 2030. As people leave shrinking occupations, the economy could reweight toward higher-wage jobs. Workers in lower-wage jobs are up to 14 times more likely to need to change occupations than those in highest-wage positions, and most will need additional skills to do so successfully. Women are 1.5 times more likely to need to move into new occupations than men.
• The United States will need workforce development on a far larger scale as well as more expansive hiring approaches from employers. Employers will need to hire for skills and competencies rather than credentials, recruit from overlooked populations (such as rural workers and people with disabilities), and deliver training that keeps pace with their evolving needs.

 

[k1976]

https://www.google.com.sg/amp/s/for...s-study-mckinsey-global-institute/amp/?espv=1


The biggest change is for STEM professionals, where automation potential by 2030 jumps from 14% of work hours to 30% of work hours. Similar big jumps occur for education and training work, creative and arts management work, and business and legal automation. The study does not conclude that generative A.I. will lead to a drop in jobs, but rather that those jobs, and the mix of activities they involve, will change dramatically. “Just under 12 million workers may need to find new occupations by 2030,” the report says. The idea is to start preparing now, beefing up training programs both inside and across companies.

Separately, Fortune yesterday released the inaugural Fortune China 500 list. Some companies on it—like No. 1, State Grid, the government-owned electric utility that had $530 billion in revenues last year—already rank high on the Fortune Global 500 list (out in its latest iteration next week). Others, like No. 500—the Inner Mongolia Mengdian Huaneng Thermal Power company, with revenues of $3.4 billion—may be less familiar. But overall, the list provides an interesting snapshot of the world’s second-largest economy.

 

[k1976]

https://mustsharenews.com/singapore-workers-appearing-busy-survey/

Global report say....sinki worker is world best JLB or Chao Keng King lai De woh, why hah?

 

[k1976]

S’pore Workers Rank 3rd Globally For Appearing Busy But Not Being Productive: Survey​

LATEST NEWS
Are you working, or do you just look busy with your 5 million meetings and emails?
By Valerie Yuam - 15 Aug 2023, 6:47 pm

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Singapore Workers Ranks 3rd In The World For Appearing Busy​

Singapore has long been a country associated with its busy and fast-paced lifestyle. However, a new survey shows that looking busy does not necessarily correlate to productivity.
The survey found that workers in Asia spend more time appearing busy than actually working.
This includes the Little Red Dot, which ranks third in the world for “performative work”.