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Unleashing growth for maximum impact

September 15, 2021

4-MINUTE READ

In brief

Oxford Economics forecasts a robust global economic recovery with GDP growth at 5.9% and 4.8% in 2021 and 2022 respectively after a 3.5% contraction in 2020.

The global economy from crisis to recovery

Competitiveness on the global stage

Transform the labor market

How the labor market is managed as job protections end, jobs are reallocated to new growth sectors and people are supported with new skills.

Minimize economic scarring

How economic forecasts differ from before the pandemic to the current forecasts.

Encourage spending of excess savings

How excess savings built up during the pandemic will be unwound to supercharge a consumer boom.

All eyes on recovery

Rise to the occasion

01 Architect a dynamic fiscal strategy

Fiscal policy should be dynamically evolving and forward looking, rather than overly indexed on “how things have always been done.”

02 Think big and act bold in national initiatives

Governments need national initiatives aimed at raising potential economic growth and that serve as springboards to reshape the economy over time.

03 Target investments for maximum impact

Governments should allocate investment to lead with impact, emphasizing renewed public investment and taking full advantage of fiscal multipliers.

04 Boost capacity to execute successfully

There are a range of governance and administrative actions that governments can take to boost their capacity to absorb an funding influx and execute.

As countries around the world look to emerge stronger from the pandemic, governments have a challenge and a responsibility to lead with impact.

Meet the team

Ryan Oakes

Global H&PS Industry Practice Chair

Wee Wei Ng

Country Managing Director – Accenture Singapore

Rob Cohan

Managing Director – Strategy & Consulting, Public Service

Chris Young

Senior Manager – Strategy & Consulting, Public Service
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