Browsing: McKinsey

Tata Steel leads the way to decarbonizing steel production.  Switching from coal furnaces key to energy transition.  Steel remains the…

Dairy industry producers are experiencing rising demand globally. Players are tapping into the power of tech to enhance dairy value…

The continent spends over USD60 billion yearly on food imports that it could generate domestically. African countries have allocated large…

McKinsey’s report notes that the wages of consumers are steadily being eroded. Wages in the largest economies reportedly flatlined; in other words, no significant change in their levels was recorded. Prior to the pandemic, the same wages were said to have increased, giving workers the upper hand in negotiations. The pandemic, however, drastically altered that state of affairs. Wages in developed markets post the pandemic are also related, but the advent of inflation has checked that growth and, in some instances, set the trend backwards.

In the United Kingdom, there have been reports of wages being lower year on year.

The culmination of these factors is that the outlook for global economic growth will be lower this year than last. McKinsey expects central banks to increase interest rates more assertively to deal with inflationary pressure. The risk of recession is becoming more and more prevalent.

Africa, the world’s second-fastest-growing region might drive a third of 440 it’s formal and informal workers in unemployment, as the…