For governments there will be a need to consider the trade and investment policy environment that can best support resilience; for example, the availability of digital infrastructure to reduce productivity hits in pandemics or improvements to trade facilitation practices to minimise scope for disruptions related to face-to-face processes. About 11,000 satellites have been launched since Sputnik 1 in 1957. Through a long and dismal year, McKinsey has trackedthe development of COVID-19 and its devastation and disruption. Those regions now face the disappointment of a reversal, thanks to the spread of the Delta variant. June 17, COVID-19 and International Privacy and Cybersecurity Concerns Export restrictions risk undermining confidence in international markets and can precipitate hoarding and panic buying, further accentuating problems in import-dependent countries. By spending a total of Coronavirus wreaks havoc on Chinese food producers, sending inflation soaring. We asked teachers in eight countries to rate the effectiveness of remote learningbetween March and July of 2020. Austrade is open for business and our network of 1,100 staff is committed to helping you through this time. What will the future look like for Black Americans, who make up 12.9 percent of the US labor force but earn only 9.6 percent of total wages? On The McKinsey Podcast, organizational experts Chris Gagnon and Elizabeth Mygatt discuss how companies can future-proofthemselves, making them more able to handle disruptions like the one they just went through. Its spread has left national economies and businesses counting the costs, as governments struggle with new lockdown measures . Companies can combat mental-health stigmaby providing all employees with education on the topic, training managers to recognize the signs of mental illness and substance abuse, and adopting nonstigmatizing language. Beauty brands are bouncing back, with quiz-type diagnostics that help consumers discover new products in a fun way; personalized packaging; and a wider adoption of social selling, which is already gaining traction in China. But getting vaccination right is multifaceted, with abundant opportunities for missteps, and complicated by variants that can throw even the best-oiled system into disarray. Leisure travel, particularly to outdoor and beach settings, is likely to be a bright spot in the US hospitality industrys recovery. Of the huge health challenges created by COVID-19, perhaps the least understood is its impact on global mental health. The coronavirus pandemic has reached almost every country in the world. (Were also collaborating with WEF on the Davos Agenda, the first of two events being held in place of its usual annual meeting.). Vigilance will be required to ensure that crisis- or policy-induced risk factors do not cause disruptions in supply, in particular if the containment measures related to COVID-19 are long-lived. This program explores how arbitral institutions are managing current caseloads and preparing for future uncertainties, challenges and change. China increased production from around 20million masks per day to around 116million per day at the end of February and is now exporting masks to other countries.2. Over 50countries have changed port protocols, ranging from port closure and quarantine measures to additional documentation requirements and examination. Finally, check out McKinsey on Booksfor our monthly business best-seller rankingsprepared exclusively for McKinsey Global Publishing by NPD BookScanas well as a collection of books by McKinsey authors on the management issues that matter. On The McKinsey Podcast, former Unilever CEO Paul Polman and McKinsey senior partner Dame Vivian Hunt discuss why, increasingly, the way for companies to deliver resilience, longevity, and growth is to build stakeholder capitalism. The Delta variant of the coronavirus spread to more countries in recent weeks, and the total number of cases officially logged soared past half a million per day. (2020), A Trade Collapse thats Heading Into the History Books, Bloomberg, https://www.bloomberg.com/news/articles/2020-03-26/supply-chain-latest-a-trade-plunge-worthy-of-the-history-books (accessed on 6 April 2020). Part of the great reset, as companies and countries envision a post-COVID-19 future, is rethinking how technology can serve our needs. In the next few years, roughly 70,000 satellites could enter orbit if proposed plans come to fruitionan explosion of interest based on potential new markets and more sophisticated technologies. Given that imbalance, and the enormous burden (three hours a day, or more) that COVID-19 has added to womens workload, it may be less surprising that one-quarter of women in corporate America are thinking about leaving. This week, McKinsey looked across industries and sectors at how knowledgeincreasingly, though not exclusively, generated by advanced-analytics technologycan be used to improve the way we tackle challenges. Up to one-third of these transitions may be needed in China. Five dollars a person. June 5, CLE - Strategic Legal Partnering between Outside Counsel and In-House Counsel in Navigating the COVID-19 Crisis These are difficult issues. The coronavirus has spread to 185 countries and territories infecting more than 2.7 million people and killing over 190,000 globally, according to Johns Hopkins University. Erik Sherman. Asian Americans have long struggled for equality in the workplace, a fact reflected by their low representation in senior-level jobs relative to their representation in entry-level jobs. Just with the technology that is currently availableno unheard-of breakthrough requiredits possible to achieve 3 to 4 percent global economic growth each year for a decade. Those that were still scaling faced a reality check, and 2020 was a wake-up call for those that hadnt yet started on their Industry 4.0 journeys. Governments have to think immediate term, and longer term at the same time. But so too are collaborative approaches that can help countries achieve herd immunity. This column reports the findings of the latest Decision Maker Panel survey of UK CFOs, which show that businesses expected the spread of the virus to have a large impact on their sales over the next year. How can companies succeed in their green initiatives? Join us for this virtual conference session where our panel of experts offers unique tips and tricks for creating connections while being socially distant. But amid the challenges of the pandemic, middle managers can still make valuable contributions, in new ways. Our survey of 50 US dairy CEOs in the fourth quarter of 2020, followed by interviews, revealed a sense of optimism combined with concern over changing consumer tastes. We devised a stickiness index (or, if were being academic, a gauge of behavior plasticity) to assess all the big shifts of 2020 (exhibit). The Group's Coronavirus task force coordinates the implementation of accurate and tailor-made Business Continuity Planning to local conditions, and immediate response and monitoring. Note: Data for China refer to the change in output between 2019Q4 and 2020Q1. Changes in technology, markets, and the labor force provoked by the pandemic have altered the mandate for many corporate boards. These include prioritizing whole-life carbon measurement and scaling up the capacity to retrofit existing social infrastructure and housing to improve energy efficiency. Digital upends old models. With firms rocked by the collapse in demand and the ongoing uncertainty regarding the duration and severity of COVID-19 and associated containment measures, now is also not the time to impose further costs, including through unnecessary policy uncertainty. This annual report monitors and evaluates agricultural policies spanning all 6 continents, including the 36 OECD countries, the 6 non-OECD EU Member States, and 12 emerging economies. The biggest win: using cutting-edge technology to give consumers a way of envisioning their lives if they go ahead and buy. McKinseys Aerospace & Defense Practiceexamines how to handle the four main types of extraterrestrial trash. The question is, how many people must be involved in a transformation for it to be effective? By 2050, more than 800 million urban residents could be affected by sea-level rise and coastal flooding. One things for sure: 2022 wont look anything like 2019. Ramifications such as the semiconductor shortage, however, were harder to predict. Business heads showed more willingness to stay put. A report cowritten by McKinsey and C40 Cities Climate Leadership, a network of large cities committed to addressing climate change, identifies, Seth Moore, former chief strategy and analytics officer of online retailer Overstock.com, who is now a senior adviser to McKinsey, clears up several misconceptions about, McKinseys analysis of 54 markets around the world found that over half of all, The combination of increased burnout among women and the hold placed on diversity and inclusion initiatives has put. Our Author Talks series features Shankar Vedantam, host of NPRs Hidden Brain podcast, about his Useful Delusions: The Power and Paradox of the Self-Deceiving Brain, coauthored with Bill Mesler. July 17, Anti-Corruption & Compliance During COVID-19: Lessons Learned from the Shut-Down By. We looked into which sectors will benefit from a rebound in consumer spending, including the wellnessarena, a $1.5 trillion market growing at 5 to 10 percent per year. And we stopped buying the fuel needed to do these things. Between 2016 and 2021, the share of finance leaders who say that they are responsible for their companies digital activities has more than tripled. One key finding: getting aid to those who need it is greatly bolstered by digital payment channels, a basic digital identification system used by most people, and simple data on individuals and businesses that are tethered to that digital ID. Instead, they perceive the mounting fallout on the supply chain and inflation as the biggest threats to growth in their companies and economies (exhibit). The new edition of The Next Normaltakes a deep dive into the post-COVID-19 world of shopping, where the tech-enabled store of the future can double retailers earnings before interest and taxes (EBIT) margins. While there is not an immediate threat to global supplies of basic foodstuffs, there is the potential for specific food supply chains to be severely disrupted, including from lack of seasonal workers for planting or harvesting key crops, logistics constraints, and additional SPS and technical measures. You can also see the fullcollectionof our coronavirus-related content, visual insights from our chart of the day, a curated collection of ourfirst 100 articlesrelated to the coronavirus, oursuite of toolsto help leaders respond to the pandemic, and how our editors chooseimagesthat help readers visualize the impact of an invisible threat. Our latest surveyfinds greater optimism about the economy and corporate prospects than at any time since the crisis beganand on a few fronts, more than in the past several years (Exhibit 2). Our Author Talks series features Michael Useem, a professor at the University of Pennsylvanias Wharton School, where he is also the director of the Center for Leadership and Change Management. The global COVID-19 pandemic has forever changed our experiencesas customers . We'll email you when new articles are published on this topic. At the same time, reports are coming out daily of law firms engaging in layoffs, paycuts, and furloughs. Fifty-eight percent of respondents to our recent global surveysaid that closing skills gaps became a higher priority since the pandemic began. As the coronavirus (also known as COVID-19) pandemic continues to spread globally, Business Insider Intelligence and eMarketer are continuing to work to analyze the business impact of the virus . In Our Asian Voices, a new feature, 72 Asian colleagues at McKinsey raise their voices and share their storieson what Asian identity means, what allies can do to support them, and how they are processing this moment. Governments are necessarily and rightly providing huge amounts of support to prevent the COVID-19 crisis from destroying livelihoods, businesses and production capacity. In a deep analysis of the state of Black America, our experts envision what the future could be for nearly 13 percent of the US labor force. The pandemic gave many business leaders practice in thinking about an external issue as a core concern. Leaders in the sector should consider a promising solution: autonomous plants. Also on Author Talks, global development executive April Rinne talks about her new book, Flux: 8 Superpowers for Thriving in Constant Change (Berrett-Koehler Publishers, August 2021), which explores how individuals and organizations can develop adaptable mindsets. Here are resources to help find books that captivate and enlighten: In their newly released Nudge: The Final Edition, Harvard professor Cass Sunstein and University of Chicago professor Richard Thaler update their 2008 book on interventions aimed at getting people to act in their own best interests. These leaders believe they must engage personally to bring in and retain strategic talent and improve morale. Even now, as governments are in crisis mode, there is a need to pay attention to the design of essential support. The United Kingdoms experience nevertheless suggests that once a country has weathered a wave of Delta-driven cases, it may be able to resume the transition toward normalcy. This publication is released at a time where the world is carefully moving out of the 'great lockdown' stemming from the coronavirus pandemic, a partial or complete lockdown of the majority of economies across the globe for six weeks or The McKinsey Podcast this week features senior partners Lieven Van der Veken and Tania Zulu Holt outlining what weve learned so far about a well-built vaccine rollout. Even the most seasoned professional was a neophyte at some point, a fact celebrated in our My Rookie Moment video series, in which McKinsey colleagues discuss the first time they had to deal with a particular challenge. This document, as well as any data and map included herein, are without prejudice tothe status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. New McKinsey Global Institute researchfinds that there is potential to accelerate annual productivity growth by about one percentage point in the period to 2024. Majorities of executives continue to believe that conditions in their home economies and in the global economy will improve over the next six months. The devastation in India is among the saddest unanticipated turns in the pandemic. This memocondenses the recent history of the COVID-19 crisis into must-see charts and sets out six considerations for those building bridges to normalcy. These require senior management to get the best information they can about barriers to execution, and it requires trust and commitment. Last year was a wild ride for financial advisors, who steered clients through turmoil and saw 9 percent growtha recordin median assets per advisor compared with the year prior. Bank tellers are becoming financial advisors; fresh-faced managers are leading enormous projects; and companies are intently searching for people with the aptitude to become data analysts and mobile web designers. While many of consumers pandemic-inspired digital habits are sticking, the acceleration into digital channels now seems to be leveling off in both Europe and the United States. As our researchers suggest, speed thrillsbut also chills: companies need to work through five critical questions in the next few months to lock in the speed of the pandemic response in a way that does not wreck mental health or cause employees to burnout. When lockdowns forced consumers to remain at home, US e-commerce experienced ten years growth during the first quarter of 2020. Also this week, our industry researchers investigated the potential for incumbent telcosto unleash digital attackers and surveyed consumers on all things mobility: autos, both gas and electric powered; trucks; and autonomous vehicles. COVID-19 has been hard on fashion: apparel companies lost more than 90 percent of their profits in 2020, according to the, Cultivated meat is a cutting-edge food that is just beginning to be produced at commercial levels. McKinseys analysis goes deep and broad to discover what could happen next(exhibit). What comes next is anybodys guess. $357 billion over the next decade on preparations including pathogen surveillance, global immunization, and medical supply stockpiles, countries can reduce the likelihood of a repeat. Our estimates suggest that next-generation technologies could attract $1.5 trillion to $2 trillion of capital investment per year by 2025. A new reportfrom the McKinsey Global Institute offers a view: e-grocery shopping is here to stay, while remote learning for primary grades could be headed for the dustbin of history. She addresses the complexity of being both highly sensitive and high achieving, a combination she says can be a competitive advantage in those who know how to overcome self-doubt. In addition to the threat to public health, the economic and social disruption threatens the long-term livelihoods and wellbeing of millions. This week, McKinsey delved into priority setting, starting with ideas about how the wealth of ten top economies might be put to more productive use. Senior partner Katy George leads the discussion, joined by Arvind Krishna, CEO of IBM. Crossword, of courseas in McKinseys weekly crossword. The most dynamic unvaccinated group is the Cautious category, people who may get vaccinated if their concerns can be addressed (exhibit). McKinsey proposes a series of no-regrets actions to create the conditions for economic growth that mitigates climate change and benefits a wide swath of the population. By region, the pandemic is the top risk to growth in every region except Latin America and cited most often by those in developing markets and AsiaPacific (exhibit). Please join us for a discussion with a panel of esteemed and distinguished judges and practitioners of how COVID-19 has impacted their dispute resolution practices. Important shipping ports reported year-on-year drops in cargo between 10% and 20% in February (Baschuk, 2020[2]). Image: REUTERS/China Out/Stringer. Appearances seemed to matter less to many people under lockdowns during the pandemic, which likely helped contribute to the 33 percent drop in global sales that the beauty industry suffered in 2020. [1] Curran, E. (2020), Urgent Demand for Medical Equipment is Making Air Cargo Fees Absolutely Crazy, Bloomberg, https://www.bloomberg.com/news/articles/2020-03-30/-absolutely-crazy-air-cargo-fees-highlight-supply-chain-squeeze (accessed on 6 April 2020). The daunting panorama, particularly for workers in retail and travel, underscores the need to reskill and move jobs to people and people to jobs. With workforces now located in kitchens, basements, and attics, what will happen to all those sleek urban office towers and their glossy suburban counterparts? The latest US Bureau of Labor statistics show that recent employment gains dramatically favor men. The pandemics devastating consequencesa half-million lives and 7.5 percent of GDP lost in 2020 alonehave created a unique moment for Europe to rethink health-resource allocation, funding, and delivery models. More than 12 billion vaccine doses have been announced by manufacturers for release in 2021, subject to successful clinical trials. Unless actively deorbited, they will remain there for months to hundreds of years. Other measures include guaranteed purchase or requisitioning of goods. Companies emerging from the crisis are realizing that workforces require new capabilities to face the digital and environmental future. The share of executives expecting conditions to worsen has shrunk by more than half in the past three months. McKinsey experts used this same problem-defining approach to examine how to improve womens work lives, reduce methane emissions, make organizational transformations more effective, and drive revenue in meal delivery. Each of Deutsche Post DHL Group's divisions manages its operations to ensure, to the extent possible, an undisrupted service to our customers. The coronavirus outbreak is having a serious ripple effect throughout global supply chains. Next up in books: peruse the long listfor the annual Financial Timesand McKinsey Business Book of the Year Award(the winner will be announced December 1), and register now for the digital short-list-announcementevent on September 23. He predicts that e-grocery and telemedicine will stick and that revenge travel, where people vacation after being cooped up, will kick in. Procurement, board engagement, and investor relations are also newly important focuses for CFOs (exhibit). As we stand today, two months into the coronavirus . Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. Leaders need to build resilience against climate eventsinto their plans. The problem is not just of procurement, but also of distribution and the lack of strong cold-chain infrastructure in some parts of the world. Two case studies of large US government agencies demonstrate how practices such as setting aspirational goals, creating a transformation office, and accurately assessing progress can lead to meaningful change. McKinsey took stock of the underlying health and resilience of the global economy as it begins to rebound from the COVID-19 pandemic and questioned how productively global wealth is being used. The pandemic has been devastating for business travel. ABA Law Practice Divisions Disaster Resources, /content/aba-cms-dotorg/en/groups/international_law/membership/coronavirus-information-page, COVID-19 and International Privacy and Cybersecurity Concerns, CLE - Strategic Legal Partnering between Outside Counsel and In-House Counsel in Navigating the COVID-19 Crisis, Arbitration Institutions in the Age of COVID-19 The State of International Arbitration, In-Person Signing Requirements During COVID-19; are E-Signatures the Solution for Each Kind of Transaction? At every step, risks and challengesare emerging. But this week, we also offer an expansive reflection by McKinseys leadership on a vision for the future. This interview is part of COVID-19 vaccines: The road to recovery and beyond, a series that includes a broad array of voices leading the historic global effort to develop, distribute, and provide equitable access to COVID-19 vaccines, including the Africa CDC; CEPI; Gavi, the Vaccine Alliance; and Moderna. This will also be an employment crisis, with significant implications for supporting workers in mass unemployment. Also this week, our researchers looked at scenario-based cash planning, the next wave of M&A in advanced industries, lessons from the fastest growing companies in logistics, and the potential for digital and analytics in steel. After a long pandemic pause, some parts of the world are finally contemplating a restart. Brexit, trade disputes, and decarbonization were already having a profound impact on many industries and regions. A future energy system dominated by intermittent renewable power raises questions about total-capacity rollout. Fairness in both the national-level distribution of benefits and in global competition is essential for maintaining public support for trade and the open markets needed to get through and emerge from the crisis. Thats the sad story behind the 2.3 million US women who left the workforce in the first year of the pandemic. Whats missing is a sense of what behaviors have changed for good and what are likely to revert to prepandemic norms. Although the laser market has steadily increased since the 1970s, innovation and revenue growth have slowed over the past decade. The experts discuss how sustainable these valuations are and whether the word bubble applies. This week, McKinsey examined vaccine hesitancy and identified some of the reasons for resistance, which, once removed, could help build a bridge to herd immunity. One of the most economically pervasive pandemic effects is a boom in shipping costs. By the end of August, the value of large global M&A transactions had already surpassed $3.9 trillion, making the $4.5 trillion record set in 2007 appear within reach. 08/10/2021. Subscribed to {PRACTICE_NAME} email alerts. Defeat COVID-19. The pandemic reshaped what consumers buy and how they go about getting it. Strengthening more than 100 historically Black colleges and universities (HBCUs) in the United States could increase Black worker incomes by about $10 billion and boost the economy with $1.2 billion in incremental business profits, $300 million in decreased student-loan debt, and $1 billion in additional consumer expenditures. This allows financial institutions the freedom to extend financing to heavy emitters, provided that the financing goes toward the responsible retirement or decarbonization of emitting assets and that decarbonization or retirement is successfully achieved. LATAM vs. COVID-19: Responses and Strategies to Face the Impact of an Unusual and Unparalleled Enemy Epidemics are both a standalone business risk and an . Just as the rise of the Delta variant ushered in a fresh wave of COVID-19 cases, so it appears to have resuscitated executives worries about the economy. Companies must expect that temporary supplier shifts will become permanent, evaluate current warehouse and fulfillment spaces, and make decisive changes. Based on extensive practical experience, this book analyses international contract practice and its interaction with the various applicable sources: which role is played by the contractual regulation, which by national law, which by
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