All over the world, inequality persists. How do leaders create an inclusive economy?

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TODAY'S NEWS. TOMORROW'S INSIGHTS. A daily newsletter from McKinsey & Company   Edited by Katherine Tam   Digital Editor, New York Building an inclusive economy  In the news • Sustainable growth. Over the past two centuries, the world economy has expanded. Usually, people consider this to be a positive. However, the idea that infinite growth benefits all countries is being called into question more and more as the Earth's resources wane and as poverty escalates. As a result, some economists are proposing remaking the world economy so that countries improve only what is necessary, such as green energy, healthcare, and public transit. This could make global economic growth more sustainable, they argue. [WEF] • When parents pitch in. The gap in wealth between White Americans and people of color has lasted for generations. One way that happens is through the intergenerational transfer of wealth. White adults are more than two times likelier than Black and Latino adults to receive gifts or loans of $10,000 or more from parents or older family members, according to a recent poll. This finding points to decades of racism, particularly in housing policies that prevented Black families from buying or renting homes from White ones, says one law professor. [NPR] Seven in ten people live in societies with growing inequality. On McKinsey.com • Persistent inequality. Global inequality is a problem that persists. For example, in the US, there are large gaps in workforce participation, wages, and higher-education attainment across different demographic groups, find McKinsey senior partner Asutosh Padhi, senior partner emeritus James Manyika, and colleagues. The participation rate of women in the US, at 56%, is the lowest that it's been in three decades. In addition, US economic growth is, geographically speaking, lopsided, with 6% of US counties accounting for two-thirds of GDP output. • Inclusive economic growth. Creating the conditions for an economy that grows robustly and, at the same time, grows in an inclusive and sustainable way will be difficult for the US and for the global economy. But the benefits of such an economy are that it delivers prosperity, leaves behind fewer people, and protects the environment for future generations. Visit our collection page to see efforts to build an inclusive economy through increasing economic mobility and access to jobs, accelerating racial equity, and making training and education accessible. Learn more Was this forwarded to you? Sign up here. Or send us feedback — we'd love to hear from you. Follow our thinking This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the On Point newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007