Lunge Systems: Pathways

COVID-19-has-revived-the-social-contract-in-advanced-economies-for-now-v3.pdf?shouldIndex=f

auto-generated 31-Jan-2021

COVID-19 has revived the social contract in advanced economies for now. What will stick once the crisis abates? Massive government spending has sought to shield individuals from the economic consequences of the pandemic, reversing a long-term trend of institutional pullback in the social contract. by Anu Madgavkar, Tilman Tacke, Sven Smit, and James Manyika December 2020 Kbl Studio/EyeEm/Getty Images Since the onset of the COVID-19 pandemic, G-20 economies have announced fiscal packages already

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contract will this pandemic europe and us employment contract during this crisis incomes in the united germany and the united europe and the united states and the united united kingdom united states united states

Sources: McKinsey

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Type: Strategies

Priority/ Function Areas: Business & Industrial Computers & Electronics Finance Internet & Telecom

Sectors/ Fields of Life: Manufacturing Wholesale & Retail Trade Information, Finance & Insurance Technical & Management Services

People/ Roles: Consumer Services Service Vendors Manufacturers Multi-Nationals Governments

Profiles: all rights this innovations such scenario the sector the groups the months the war the extent an companies the pandemic the question an governments a startup the rate this support the pendulum a shift its hours the authors the program this policies the share the savers we research the crisis a wave the level the government the trend a path the onset the programs a survey this interventions the public an countries a idea the packages a countries bls data the contract the cost this pandemic it consequences the restrictions which ones

Goals: address immediate problems abate government spending use main approaches protect retention schemes ensure affordability access rethink core role expand sick caregiver take main forms guarantee health coverage expand polarization stagnation hit more vulnerable launch support program exacerbate economic divisions extend insurance benefits keep employment rate unleash new era stick crisis institute increase gross position play direct role describe income trend increase savings rate receive basic income extend protected policies announce exceeding packages increase giving chances strike including trends thank business analyst set basic scheme rekindle many vulnerabilities jeopardize financial security lowincome reduced inequality address critical question shield employment income support income employment combat inequality wealth reverse twodecade trend play important role see hit evidence give percent discount increase replacement rates pay insurance contributions guarantee including protections use defined aspects reduce eligibility thresholds retrain local workers resurface many questions provide additional 600 tell similar story face imposed pressure open new era address underlying issues cover income support address new challenges protect employment status mean employment protection act protection program spend additional 2343 subsidize including wages

Measures: modern system personal income economic hardship huge packages low income social policies real estate new skills pandemic economies high income affordable housing new realities unprecedented fashion small businesses orient measures ethnic minorities third quintile great capacity renew contract asian backgrounds continue focus high earners average countries economic crises retention schemes many countries social spending everlarger proportion institutional pullback past years record levels economic aspects black asian define aspects long view economic impact cumulative increase more people liquid wealth basic income public spending key issues vulnerable workers most countries new challenges financial crisis worker consumers fulltime employees massive spending discretionary goods unemployment benefits standstill governments disproportionate blows gross source pandemic businesses important role replacement rates same degree unemployed workers studioeyeemgetty images net wealth full time second war overall level private construction local workers herd immunity income support exist laws universal income contribution support large swaths rapid gains great depression unemployed people continue employment many goods first decades fast recovery insurance contributions employment status economic analysis usual earnings covid19 testing bottom quartile covidrelated treatments increase spending many questions basic goods essential element public debt short term macroeconomic trends bottom threefifths steep falls fourth quarter unweighted increase increase protections economic prospects precede years advance countries wealth inequality economic crisis impact payments expand insurance largescale interventions public sector primary residences large leaps well being recent index new role institutional arrangements underlie issues overall points low spenders polarize rate key roles new opportunities stringent conditions significant variance longterm trend extraordinary speed structural changes jobretention scheme affordable prices underlie structures rend increases business analyst full pay deep divisions mandatory pensions remain income additional support few cases basic needs institutional intervention economic risks ethnic backgrounds many governments broad concept percent discount protection program substantial role shortterm effects reduce inequality recent years unprecedented growth high spenders financial support everyday life robust infrastructure significant consequences advance economies corporate decisions longterm challenges improve protections insurance benefits european countries economic fallout real income universal coverage fulltime workers such programs adjust basics young people come decade first half pandemic year real wealth real terms fiscal spending subsidize rent longterm contracts technological disruption annualize basis direct role poor citizens same threefifths gross position high spending economic divisions main approaches new era particular focus longterm solutions sick leave longterm sustainability active programs average increase comparable data female participation support program past decades unprecedented support economic security basic housing large proportion vulnerable groups mental programs nordic welfare absent gains disposable income evident issue global crisis critical question massive movement available infrastructure preventative treatments hard time link data digital identification low spending private sector financial sustainability right infrastructure income stagnation immediate effects exist benefits healthcare system increase incomes work programs senior partners critical goods economic roles same period median income permanent features median earnings sound model previous wages great fraud financial security unemployed individuals sudden movement overall wages sharp fall health coverage largescale crises digital channels institute analysis disaggregate data government spending debt position median wealth financial infrastructure saving rate employment rate first months first years clear evidence total source institutional support large item national contributions last way quarterly income scarce data recent test remote work 21st century fiscal packages basic necessities worker schemes annual share last months weekly earnings more savings occupational transitions social contract global trends large extent linger challenges historic highs individual status main forms financial assistance net rate bottom percent fine targeting first quarters same quarter second quarter insurance companies economic growth middle income economic activity employment protection immediate problems similar story pay leave economic consequences onetime bonuses eligibility thresholds third share third quarter les protection total spending long trend liquid savings long term huge significance usual wages economic realities rise participation core role economic arrangements stable incomes shorttime programs social arrangements increase expenditure lowerincome workers corporate profits lesser degree holistic understanding basic scheme longterm consequences many vulnerabilities income scheme aggregate income exist channels direct support multiple facets income trend business model several ways significant changes social security many ways

Actions: put scheme improve benefits increase increase impose conditions study outcomes hit vulnerable guarantee testing double savings improve contract receive euros provide infrastructure make changes support employment leave workforce address problems reduce fraud translate them leave minorities end crisis absorb proportion revive contract claim benefits face challenges provide assistance guarantee employment address challenges spend spending shield individuals announce packages cover percent reverse trend strike trends equaling those take forms tell change cut costs shield income combat wealth protect schemes tell story give degree rethink role receive income deploy them expand program earn 75000 estimate trends launch program protect which select people enable one test measures survive crisis safeguard aspects require companies support employees keep rents target benefits study governments keep rate take view enable savings subsidize hours provide workers protect incomes mitigate hardship see evidence generate increases give question extend benefits need them support savers cover support stabilize incomes downshifting careers increase position bring economies jeopardize security support households pay contributions stick institute support one subsidize wages bring immunity use approaches protect status support system guarantee coverage struggle retailer cover treatments increase rates support tenants extend policies stick which mean protection increase rate provide bonuses face pressure keep jobs give discount pay salaries thank analyst slow recovery exacerbate divisions pay more suspend increases account prepandemic provide weeks lose jobs shield images thank tagore protect individuals play role rebuild europe accelerate automation exceed trillion act program retrain workers exit crisis support consumers take history adapt them open era spend which get covid19 form basis improve efficiency reserve covid19 provide 600 reverse arrangements provide days reach levels address issues guarantee protections use aspects support payments enable provision strengthen contract account change guarantee needs expand caregiver combat it receive subsidies weather crisis lowincome inequality support programs bring changes suspend foreclosures study intervention describe trend provide protection support individuals spend 2343 address effects focus efforts support workers provide forbearance cover facets arise what address question stick workers stall careers earn what shield groups innovate covid19 take blows resurface questions increase chances teach us spend less take average strengthen prospects set scheme raise expenditure provide subsidies increase spending create initiatives trigger shifts take place lowincome individuals retain employees reduce thresholds abate spending unweighted increase provide businesses unleash era have time ensure access expand stagnation pay weeks rekindle vulnerabilities drive inequality exhibit 3

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