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What’s going on that’s not generative AI? A leader’s guide to top trends

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Leading Off

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
An image linking to the web page “Economic conditions outlook during turbulent times, September 2023” on McKinsey.com.

Business leaders are generally optimistic about global economic conditions over the next six months, according to the latest McKinsey Global Survey on the economy. Sentiments vary by region, however: respondents in North America and India have a brighter outlook than those in Europe, where the effects of inflation raise concerns. For the sixth quarter in a row, geopolitical instability and political conflicts remain the most-cited risks to global growth, but private sector companies still believe their organizations will do well—two-thirds expect their profits to increase over the next six months, and most respondents expect customer demand to grow. Many companies plan to redesign the office space that they own or lease and to implement remote-work policies over the next few years, regardless of whether they expect their office space to shrink or expand.
An image linking to the web page “Forward Thinking on the existential issues facing the middle classes in every country with Homi Kharas” on McKinsey.com.

The growing middle-class segments of the population will likely have a major influence on business and society, says Brookings Institution economist Homi Kharas in an episode of McKinsey’s Forward Thinking podcast. “They shape our world, clearly, by politics,” he says. “But not just by politics. They’re shaping our world by their influence on the business sector. The middle class, increasingly, for example, is looking to push corporates to be more sustainable.” With their expansion fueled by technology, democratization, and globalization, the middle classes now total about four billion people—roughly half of the world’s population. The influence of these groups extends to “all parts of our lives,” says Kharas. “Every time you hear of something going viral, for example, what it really means is that the middle class has seized on this as an issue and is trying to elevate it.”
An image linking to the web page “How will the space economy change the world?” on McKinsey.com.

In the sci-fi TV series For All Mankind, which presents an alternative history of the 1960s space race, the superpowers set up bases on the moon and routinely fly lunar missions. That scenario may not be as far-fetched as it seems. Set to surge 41 percent over the next five years, the $469 billion space economy—broadly defined as activities in orbit or on other planets that benefit humans—is already transforming life on Earth, reports McKinsey senior partner Ryan Brukardt. For example, satellite technology powers our communications and helps monitor climate change, agriculture, and national security. But the biggest boost for organizations could come from functions that take place entirely in space, such as in-orbit R&D and manufacturing. Such breakthroughs may fuel the next industrial revolution—and help your business lift off.

Lead by spotting trends.

— Edited by Rama Ramaswami, senior editor, New York

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:05 - 23 Oct 2023