Game Changers: Five opportunities for US growth and renewal
The US economy is struggling to find a new formula for vigorous growth. But all growth opportunities are not created equal. New McKinsey research pinpoints five catalysts—in energy, trade, technology, infrastructure, and talent development—that can quickly create jobs and deliver a substantial boost to GDP by 2020. An animated video below also runs the numbers on these game changers and frames the challenge for business and government to make the most of the opportunity.
Four years after the official end of the Great Recession, US economic growth remains lackluster. But there is more at work here than simply the business cycle: strains in the labor market were apparent long before 2008. Today, labor-force participation is at a 34-year low, and the United States has two million fewer jobs than it did when the recession began. Weak investment, demographic shifts, and a slowdown in productivity growth are dampening the economy’s trajectory.
But the United States does not have to resign itself to sluggish growth. Game changers: Five opportunities for US growth and renewal, a new report from the McKinsey Global Institute (MGI), identifies specific catalysts that can add hundreds of billions of dollars to annual GDP and create millions of new jobs by 2020.