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5 forms found in the DOM

<form>
  <fieldset>
    <legend class="visuallyhidden">Consent Selection</legend>
    <div id="CybotCookiebotDialogBodyFieldsetInnerContainer">
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      </div>
      <div class="CybotCookiebotDialogBodyLevelButtonWrapper"><label class="CybotCookiebotDialogBodyLevelButtonLabel" for="CybotCookiebotDialogBodyLevelButtonPreferences"><span
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      </div>
      <div class="CybotCookiebotDialogBodyLevelButtonWrapper"><label class="CybotCookiebotDialogBodyLevelButtonLabel" for="CybotCookiebotDialogBodyLevelButtonStatistics"><span
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      <div class="CybotCookiebotDialogBodyLevelButtonWrapper"><label class="CybotCookiebotDialogBodyLevelButtonLabel" for="CybotCookiebotDialogBodyLevelButtonMarketing"><span
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---

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonNecessaryInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelButtonDisabled" disabled="disabled" checked="checked"> <span
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---

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonPreferencesInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonPreferences"
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---

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonStatisticsInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonStatistics"
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---

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonMarketingInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonMarketing" checked="checked"
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---

Text Content

Powered by Cookiebot
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 * Details
 * [#IABV2SETTINGS#]
 * About


THIS WEBSITE USES COOKIES

The World Economic Forum uses necessary cookies to make our site work. We would
also like to set optional "marketing" cookies to personalise content and ads and
“performance” cookies to improve the website.
Consent Selection
Necessary

Preferences

Performance

Marketing

Show details
Necessary 35

Necessary cookies help make a website usable by enabling basic functions like
page navigation and access to secure areas of the website. The website cannot
function properly without these cookies.
Acast
1
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AcastLangThis cookie is used to determine the preferred language of the visitor
and sets the language accordingly on the website, if possible.
Expiry: PersistentType: HTML
Cookiebot
1
Learn more about this provider
CookieConsentStores the user's cookie consent state for the current domain
Expiry: 6 monthsType: HTTP
Google
4
Learn more about this provider
_GRECAPTCHAThis cookie is used to distinguish between humans and bots. This is
beneficial for the website, in order to make valid reports on the use of their
website.
Expiry: 179 daysType: HTTP
rc::aThis cookie is used to distinguish between humans and bots. This is
beneficial for the website, in order to make valid reports on the use of their
website.
Expiry: PersistentType: HTML
rc::bThis cookie is used to distinguish between humans and bots.
Expiry: SessionType: HTML
rc::cThis cookie is used to distinguish between humans and bots.
Expiry: SessionType: HTML
Our World Data
1
Learn more about this provider
bugsnag-anonymous-idThis cookie is used to detect errors on the website - this
information is sent to the website's support staff in order to optimize the
visitor's experience on the website.
Expiry: PersistentType: HTML
Parse.ly
1
Learn more about this provider
cookies.js_dtestThis cookie determines whether the browser accepts cookies.
Expiry: SessionType: HTTP
Powr
1
Learn more about this provider
__cflbRegisters which server-cluster is serving the visitor. This is used in
context with load balancing, in order to optimize user experience.
Expiry: 6 daysType: HTTP
VWO
10
Learn more about this provider
analyzeThis cookie is used by the website’s operator in context with
multi-variate testing. This is a tool used to combine or change content on the
website. This allows the website to find the best variation/edition of the site.
Expiry: SessionType: Pixel
s.gifRegisters user behaviour and navigation on the website, and any interaction
with active campaigns. This is used for optimizing advertisement and for
efficient retargeting.
Expiry: SessionType: Pixel
v.gifThis cookie is set to make split-tests on the website, which optimizes the
website's relevance towards the visitor – the cookie can also be set to improve
the visitor's experience on a website.
Expiry: SessionType: Pixel
_vis_opt_sUsed by Visual Website Optimizer to determine if the visitor is
participating in a design experiment.
Expiry: 99 daysType: HTTP
_vis_opt_test_cookieUsed to check if the user's browser supports cookies.
Expiry: SessionType: HTTP
_vwo_dsCollects data on the user's visits to the website, such as the number of
visits, average time spent on the website and what pages have been loaded with
the purpose of generating reports for optimising the website content.
Expiry: 2 monthsType: HTTP
_vwo_snCollects statistics on the visitor's visits to the website, such as the
number of visits, average time spent on the website and what pages have been
read.
Expiry: 1 dayType: HTTP
_vwo_uuidUsed by Visual Website Optimizer to ensure that the same user interface
variant is displayed for each visit, if the user is participating in a design
experiment.
Expiry: 399 daysType: HTTP
_vwo_uuid_v2This cookie is set to make split-tests on the website, which
optimizes the website's relevance towards the visitor – the cookie can also be
set to improve the visitor's experience on a website.
Expiry: 1 yearType: HTTP
vwoSnThis cookie is set to make split-tests on the website, which optimizes the
website's relevance towards the visitor – the cookie can also be set to improve
the visitor's experience on a website.
Expiry: PersistentType: HTML
World Economic Forum
4
Learn more about this provider
_web_sessionPending
Expiry: SessionType: HTTP
fdisIdentifies the logged in user. A unique session ID is linked to the user so
that they are identified while navigating the website. The user is logged out
when the session expires.
Expiry: SessionType: HTTP
followTopicUsed to set topic preferences for unauthenticated visitors prior to
authentication
Expiry: 1 dayType: HTTP
redirect_pathUserd to handle internal page redirects
Expiry: SessionType: HTTP
fonts.net
livestream.com
vimeo.com

3
__cf_bm [x3]This cookie is used to distinguish between humans and bots. This is
beneficial for the website, in order to make valid reports on the use of their
website.
Expiry: 1 dayType: HTTP
nr-data.net
linkedin.com

2
JSESSIONID [x2]Preserves users states across page requests.
Expiry: SessionType: HTTP
resourcewatch.org
4
__Host-next-auth.csrf-tokenEnsures visitor browsing-security by preventing
cross-site request forgery. This cookie is essential for the security of the
website and visitor.
Expiry: SessionType: HTTP
__Secure-next-auth.callback-urlUsed in order to detect spam and improve the
website's security.
Expiry: SessionType: HTTP
connect.sidThe cookie is necessary for secure log-in and the detection of any
spam or abuse of the website.
Expiry: SessionType: HTTP
nextauth.messagePreserves users states across page requests.
Expiry: PersistentType: HTML
static.chartbeat.com
1
_cbtvalidate whether we can set cookies on a domain, however we do not set any
other cookies if the site has set noCookies = true, and the "_cbt" cookie is set
and immediately removed in that case. It also stores no data about the user,
session, page, etc.
Expiry: SessionType: HTTP
youtube.com
play.google.com

2
CONSENT [x2]Used to detect if the visitor has accepted the marketing category in
the cookie banner. This cookie is necessary for GDPR-compliance of the website.
Expiry: 2 yearsType: HTTP
Preferences 27

Preference cookies enable a website to remember information that changes the way
the website behaves or looks, like your preferred language or the region that
you are in.
JW Player
1
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jwplayerLocalIdUsed to determine the optimal video quality based on the
visitor's device and network settings.
Expiry: PersistentType: HTML
LinkedIn
1
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langSet by LinkedIn when a web page contains an embedded "Follow us" panel.
Expiry: SessionType: HTTP
Sli.do
6
Learn more about this provider
app.lastEventUuidCaptures state of last user event on the app too ensure user
flow states are maintained
Expiry: PersistentType: HTML
app.redux.localFeatureFlagsSets locale as per user preference on the browser
Expiry: PersistentType: HTML
app.redux.rememberedUserMaintains user state while using Sli.do app on the
website
Expiry: PersistentType: HTML
app.redux.uiApp.isLightnessAutomaticBased on user device, loads light or
complete app automatically
Expiry: PersistentType: HTML
app.redux.uiApp.lightnessBased on user device, loads light or complete app
automatically
Expiry: PersistentType: HTML
app.redux.uiNewQuestions.readQuestionsIdsEnables capture of new questions from
users
Expiry: PersistentType: HTML
Spotify
1
Learn more about this provider
loglevelMaintains settings and outputs when using the Developer Tools Console on
current session.
Expiry: PersistentType: HTML
Tableau
2
Learn more about this provider
tableau_localeThe cookie determines the preferred language and country-setting
of the visitor - This allows the website to show content most relevant to that
region and language.
Expiry: SessionType: HTTP
tableau_public_negotiated_localeUsed in context with the language setting on the
website. Facilitates the translation into the preferred language of the visitor.
Expiry: SessionType: HTTP
The Washington Post
1
Learn more about this provider
wp_geoSaves the user's current geographical location based on the user's IP
address.
Expiry: 1 dayType: HTTP
Vimeo
2
Learn more about this provider
playerSaves the user's preferences when playing embedded videos from Vimeo.
Expiry: 1 yearType: HTTP
sync_activeContains data on visitor's video-content preferences - This allows
the website to remember parameters such as preferred volume or video quality.
The service is provided by Vimeo.com.
Expiry: PersistentType: HTML
World Economic Forum
2
Learn more about this provider
dismissedCtaBannerUsed to determine whether a visitor has dismissed a call to
action
Expiry: 1 dayType: HTTP
dismissedNavPromoUsed to determine whether a visitor has dismissed a call to
action
Expiry: 1 dayType: HTTP
YouTube
9
Learn more about this provider
VISITOR_INFO1_LIVETries to estimate the users' bandwidth on pages with
integrated YouTube videos.
Expiry: 179 daysType: HTTP
ytidb::LAST_RESULT_ENTRY_KEYStores the user's video player preferences using
embedded YouTube video
Expiry: PersistentType: HTML
yt-remote-cast-availableStores the user's video player preferences using
embedded YouTube video
Expiry: SessionType: HTML
yt-remote-cast-installedStores the user's video player preferences using
embedded YouTube video
Expiry: SessionType: HTML
yt-remote-connected-devicesStores the user's video player preferences using
embedded YouTube video
Expiry: PersistentType: HTML
yt-remote-device-idStores the user's video player preferences using embedded
YouTube video
Expiry: PersistentType: HTML
yt-remote-fast-check-periodStores the user's video player preferences using
embedded YouTube video
Expiry: SessionType: HTML
yt-remote-session-appStores the user's video player preferences using embedded
YouTube video
Expiry: SessionType: HTML
yt-remote-session-nameStores the user's video player preferences using embedded
YouTube video
Expiry: SessionType: HTML
resourcewatch.org
1
_usrp_#Used by UserReport to register whether the visitor has been invited to
participate in a certain survey.
Expiry: PersistentType: HTML
stream.swisscom.ch
1
jwplayer.bandwidthEstimateRegisters the website's speed and performance. This
function can be used in context with statistics and load-balancing.
Expiry: PersistentType: HTML
Performance 73

Performance cookies help website owners to understand how visitors interact with
websites by collecting and reporting information anonymously.
Bloomberg
6
Learn more about this provider
_sp_v1_dataPart of third-party consent management platform (CMP) – The cookies
gather data on the user’s interaction with the website’s consent tool, in order
to present the best version of the consent-tool.
Expiry: 29 daysType: HTTP
_sp_v1_ssPart of third-party consent management platform (CMP) – The cookies
gather data on the user’s interaction with the website’s consent tool, in order
to present the best version of the consent-tool.
Expiry: 29 daysType: HTTP
_sp_v1_uidPart of third-party consent management platform (CMP) – The cookies
gather data on the user’s interaction with the website’s consent tool, in order
to present the best version of the consent-tool.
Expiry: 29 daysType: HTTP
IXWRAPPERLiveRampIpCollects anonymous data on the user's visits to the website,
such as the number of visits, average time spent on the website and what pages
have been loaded with the purpose of generating reports for optimising the
website content.
Expiry: PersistentType: HTML
IXWRAPPERMerkleIpCollects anonymous data on the user's visits to the website,
such as the number of visits, average time spent on the website and what pages
have been loaded with the purpose of generating reports for optimising the
website content.
Expiry: PersistentType: HTML
my_ipPending
Expiry: SessionType: HTML
Chartbeat
1
Learn more about this provider
pingCaptures referal path from the public website
Expiry: SessionType: Pixel
Dailymotion
2
Learn more about this provider
DM_ReaderSessionRemembers the user's preferences when playing embedded video
content from DailyMotion. Also used to keep statistics of user actions.
Expiry: PersistentType: HTML
dmvkRegisters statistical data on users' behaviour on the website. Used for
internal analytics by the website operator.
Expiry: SessionType: HTTP
Google
6
Learn more about this provider
SSets a unique ID for the session. This allows the website to obtain data on
visitor behaviour for statistical purposes.
Expiry: 1 dayType: HTTP
__utm.gifGoogle Analytics Tracking Code that logs details about the visitor's
browser and computer.
Expiry: SessionType: Pixel
collectUsed to send data to Google Analytics about the visitor's device and
behavior. Tracks the visitor across devices and marketing channels.
Expiry: SessionType: Pixel
__gsasUsed by Google AdSense for experimenting with advertisement efficiency
across websites using their services.
Expiry: 1 yearType: HTTP
_ga_#Used by Google Analytics to collect data on the number of times a user has
visited the website as well as dates for the first and most recent visit.
Expiry: 399 daysType: HTTP
_gatUsed by Google Analytics to throttle request rate
Expiry: 1 dayType: HTTP
LinkedIn
4
Learn more about this provider
bcookieUsed by the social networking service, LinkedIn, for tracking the use of
embedded services.
Expiry: 1 yearType: HTTP
bscookieUsed by the social networking service, LinkedIn, for tracking the use of
embedded services.
Expiry: 1 yearType: HTTP
li_gcStores the user's cookie consent state for the current domain
Expiry: 179 daysType: HTTP
lidcUsed by the social networking service, LinkedIn, for tracking the use of
embedded services.
Expiry: 1 dayType: HTTP
New Relic
2
Learn more about this provider
events/1/#Used to monitor website performance for statistical purposes.
Expiry: SessionType: Pixel
jserrors/1/#Pending
Expiry: SessionType: Pixel
OECD
2
Learn more about this provider
context_historyPending
Expiry: SessionType: HTML
qcSesCollects data on the user's visits to the website, such as the number of
visits, average time spent on the website and what pages have been loaded with
the purpose of generating reports for optimising the website content.
Expiry: SessionType: HTML
Our World Data
3
Learn more about this provider
amp_#Registers statistical data on users' behaviour on the website. Used for
internal analytics by the website operator.
Expiry: PersistentType: HTML
amplitude_unsent_#Used in context with the website’s pop-up questionnaires and
messengering. The data is used for statistical or marketing purposes.
Expiry: PersistentType: HTML
amplitude_unsent_identify_#Used in context with the website’s pop-up
questionnaires and messengering. The data is used for statistical or marketing
purposes.
Expiry: PersistentType: HTML
Parse.ly
2
Learn more about this provider
_parsely_sessionThis cookie is used to collect data on visitor behavior on the
website.
Expiry: 1 dayType: HTTP
_parsely_visitorThis cookie is used to determine if the visitor has visited the
website before, or if it is a new visitor on the website.
Expiry: 13 monthsType: HTTP
Powr
3
Learn more about this provider
ahoy_unique_#Registers statistical data on users' behaviour on the website. Used
for internal analytics by the website operator.
Expiry: 1 dayType: HTTP
ahoy_visitRegisters statistical data on users' behaviour on the website. Used
for internal analytics by the website operator.
Expiry: 1 dayType: HTTP
ahoy_visitorRegisters statistical data on users' behaviour on the website. Used
for internal analytics by the website operator.
Expiry: 399 daysType: HTTP
Sli.do
2
Learn more about this provider
_persistenceTestPending
Expiry: 1 yearType: HTTP
Slido.EventAuthTokensPending
Expiry: 1 yearType: HTTP
Soundcloud
1
Learn more about this provider
WIDGET::local::assignmentsUsed by audio-platform SoundCloud to implement,
measure and improve their embedded content/service on the website - The
collection of data also includes visitors’ interaction with embedded
content/service. This can be used for statistics or marketing purposes.
Expiry: PersistentType: HTML
Twitter Inc.
1
Learn more about this provider
personalization_idThis cookie is set by Twitter - The cookie allows the visitor
to share content from the website onto their Twitter profile.
Expiry: 399 daysType: HTTP
UserReport
1
Learn more about this provider
__ur_dcCollects information of the user's movement and demographical data via
the UserReports questionnaire tool.
Expiry: 1 yearType: HTTP
VWO
3
Learn more about this provider
l.gifThis cookie is used by the website’s operator in context with multi-variate
testing. This is a tool used to combine or change content on the website. This
allows the website to find the best variation/edition of the site.
Expiry: SessionType: Pixel
_vis_opt_exp_#_combiUsed by Visual Website Optimizer to ensure that the same
user interface variant is displayed for each visit, if the user is participating
in a design experiment.
Expiry: 99 daysType: HTTP
_vwo_nls_q_#VWO cookie to capture test results
Expiry: PersistentType: HTML
World Economic Forum
17
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__utma [x2]Collects data on the number of times a user has visited the website
as well as dates for the first and most recent visit. Used by Google Analytics.
Expiry: 399 daysType: HTTP
__utmb [x2]Registers a timestamp with the exact time of when the user accessed
the website. Used by Google Analytics to calculate the duration of a website
visit.
Expiry: 1 dayType: HTTP
__utmc [x2]Registers a timestamp with the exact time of when the user leaves the
website. Used by Google Analytics to calculate the duration of a website visit.
Expiry: SessionType: HTTP
__utmt [x2]Used to throttle the speed of requests to the server.
Expiry: 1 dayType: HTTP
__utmz [x2]Collects data on where the user came from, what search engine was
used, what link was clicked and what search term was used. Used by Google
Analytics.
Expiry: 6 monthsType: HTTP
_v__cb_cpCollects data such as visitors' IP address, geographical location and
website navigation - This information is used for internal optimization and
statistics for the website's operator.
Expiry: 1 dayType: HTML
_v__cb_cp_expiresContains the expiry-date for the cookie with corresponding
name.
Expiry: PersistentType: HTML
_v__chartbeat3Contains data on user navigation, interaction and time spent on
the website and its sub-pages - This data is used to optimise the relevance of
advertisements and for statistical purposes.
Expiry: 1 yearType: HTML
_v__chartbeat3_expiresContains data on user navigation, interaction and time
spent on the website and its sub-pages - This data is used to optimise the
relevance of advertisements and for statistical purposes.
Expiry: PersistentType: HTML
client_idRegisters statistical data on users' behaviour on the website. Used for
internal analytics by the website operator.
Expiry: SessionType: HTTP
client_session_idCaptures sessions for users
Expiry: SessionType: HTTP
mp_#_mixpanelPending
Expiry: 1 yearType: HTTP
YouTube
3
Learn more about this provider
YSCRegisters a unique ID to keep statistics of what videos from YouTube the user
has seen.
Expiry: SessionType: HTTP
yt.innertube::nextIdRegisters a unique ID to keep statistics of what videos from
YouTube the user has seen.
Expiry: PersistentType: HTML
yt.innertube::requestsRegisters a unique ID to keep statistics of what videos
from YouTube the user has seen.
Expiry: PersistentType: HTML
new.livestream.com
vimeo.com

2
vuid [x2]Collects data on visitor interaction with the website's video-content -
This data is used to make the website's video-content more relevant towards the
visitor.
Expiry: 399 daysType: HTTP
powr.io
www.google-analytics.com

2
_gid [x2]Registers a unique ID that is used to generate statistical data on how
the visitor uses the website.
Expiry: 1 dayType: HTTP
powr.io
www.googletagmanager.com

2
_ga [x2]Registers a unique ID that is used to generate statistical data on how
the visitor uses the website.
Expiry: 399 daysType: HTTP
static.chartbeat.com
8
_cbCollects data such as visitors' IP address, geographical location and website
navigation - This information is used for internal optimization and statistics
for the website's operator.
Expiry: 1 yearType: HTML
_cb_expiresThis cookie is used in context with HTML local storage, this sets an
expiry date/time for the _cb tracker, which makes it function like a cookie.
Expiry: PersistentType: HTML
_cb_svrefCollects data such as visitors' IP address, geographical location and
website navigation - This information is used for internal optimization and
statistics for the website's operator.
Expiry: 1 dayType: HTML
_cb_svref_expiresThis cookie is used in context with HTML local storage, this
sets an expiry date/time for the _cb_sverf, which makes it function like a
cookie.
Expiry: PersistentType: HTML
_chartbeat2Used by the web analytics company Chartbeat to register whether the
user has visited the website before.
Expiry: 1 yearType: HTML
_chartbeat2_expiresUsed by the web analytics company Chartbeat to register
whether the user has visited the website before.
Expiry: PersistentType: HTML
_chartbeat4Used by the web analytics company Chartbeat to register whether the
user has visited the website before.
Expiry: 1 dayType: HTML
_chartbeat4_expiresUsed by the web analytics company Chartbeat to register
whether the user has visited the website before.
Expiry: PersistentType: HTML
Marketing 39

Marketing cookies are used to track visitors across websites. The intention is
to display ads that are relevant and engaging for the individual user and
thereby more valuable for publishers and third party advertisers.
Adform
2
Learn more about this provider
CUsed to check if the user's browser supports cookies.
Expiry: 29 daysType: HTTP
uidRegisters a unique user ID that recognises the user's browser when visiting
websites that use the same ad network. The purpose is to optimise display of ads
based on the user's movements and various ad providers' bids for displaying user
ads.
Expiry: 2 monthsType: HTTP
Bloomberg
6
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youbora.accCodePresents the user with relevant content and advertisement. The
service is provided by third-party advertisement hubs, which facilitate
real-time bidding for advertisers.
Expiry: PersistentType: HTML
youbora.dataPresents the user with relevant content and advertisement. The
service is provided by third-party advertisement hubs, which facilitate
real-time bidding for advertisers.
Expiry: PersistentType: HTML
youbora.dataTimePresents the user with relevant content and advertisement. The
service is provided by third-party advertisement hubs, which facilitate
real-time bidding for advertisers.
Expiry: PersistentType: HTML
youbora.sessionPresents the user with relevant content and advertisement. The
service is provided by third-party advertisement hubs, which facilitate
real-time bidding for advertisers.
Expiry: PersistentType: HTML
youbora.sessionExpirePresents the user with relevant content and advertisement.
The service is provided by third-party advertisement hubs, which facilitate
real-time bidding for advertisers.
Expiry: PersistentType: HTML
youboraOffline.viewsPresents the user with relevant content and advertisement.
The service is provided by third-party advertisement hubs, which facilitate
real-time bidding for advertisers.
Expiry: PersistentType: HTML
Dailymotion
2
Learn more about this provider
tsThis cookie is necessary for the PayPal login-function on the website.
Expiry: 1 yearType: HTTP
v1stPending
Expiry: 1 yearType: HTTP
Google
11
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COMPASSPending
Expiry: 1 dayType: HTTP
IDEUsed by Google DoubleClick to register and report the website user's actions
after viewing or clicking one of the advertiser's ads with the purpose of
measuring the efficacy of an ad and to present targeted ads to the user.
Expiry: 1 yearType: HTTP
pagead/landing [x2]Collects data on visitor behaviour from multiple websites, in
order to present more relevant advertisement - This also allows the website to
limit the number of times that they are shown the same advertisement.
Expiry: SessionType: Pixel
pagead/viewthroughconversion/10828833886Pending
Expiry: SessionType: Pixel
test_cookieUsed to check if the user's browser supports cookies.
Expiry: 1 dayType: HTTP
ads/ga-audiencesUsed by Google AdWords to re-engage visitors that are likely to
convert to customers based on the visitor's online behaviour across websites.
Expiry: SessionType: Pixel
NIDRegisters a unique ID that identifies a returning user's device. The ID is
used for targeted ads.
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United Kingdom


INFLATION: THERE’S A VITAL WAY TO REDUCE IT THAT EVERYONE OVERLOOKS – RAISE
PRODUCTIVITY

JUN 9, 2022

This article is published in collaboration with The Conversation.

Boosting productivity could help tackle high inflation rates.

Image: Unsplash/Mika Baumeister

DAVID MCMILLAN



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 * Today’s inflation is being fuelled in part by supply issues, but boosting
   productivity would help tackle this.
 * Producing more goods and services in a shorter time would cut costs per unit
   and raise supply, putting downward pressure on prices.
 * Governments need to incentivise investment to achieve this, by cutting taxes
   and developing strategic plans for different regions.

Inflation has become one of the great issues of our times. The UK’s is the
highest in the G7, weighing in at 9% a year according to the most recent figures
on consumer price inflation.

When you look at the other common measure for prices, retail price inflation,
which adds mortgage rates into the equation and is also calculated a little
differently, it is even higher at 11%. This is important because RPI is used for
raising prices across a range of items, from train tickets and mobile phone
contracts to student loans.

The question of why inflation is so high is well rehearsed. The initial impetus
came from greater demand, but it is being further fuelled by supply issues.


WHAT CAUSED HIGH INFLATION

On the demand side, quantitative easing (QE) during the pandemic – in which
central banks “created money” to help prop up the economy – has increased the
amount of money in the system by over 20%.

When lockdown ended, this helped to ensure that there was pent-up demand for
goods and services: retail sales rose by over 20% year on year in May 2021, for
instance, and hit another peak of nearly 10% in January 2022. At the same time,
demand from firms helped to drive huge price increases in key industrial
commodities such as copper and steel. Also, oil prices rose by approximately 67%
in 2021 and another 20% in 2022 to date.

Heightened demand has collided with constraints on the global supply chain from
social distancing, self-isolation rules and renewed lockdowns in China (even the
Ever Given getting stuck). As a result, the cost of shipping goods is around 35%
higher than the pre-pandemic high (and over 700% higher than its low). And all
of this is before discussing the war in Ukraine.

The response by the Bank of England has been to increase the headline rate of
interest from 0.1% to 1%, and to stop QE. Tightening monetary policy affects
demand as the interest due on many debt repayments is rising and the cost of
borrowing is going up. As a result, the GfK UK consumer confidence index is
sitting at -40, a historically low level (when the number is positive, it means
consumer confidence is high).

This combination of higher interest rates and higher prices has increased the
likelihood of a recession. In part, this is because increasing interest rates
discourages businesses from investing. But there’s also another problem with
discouraging investment: it’s part of the long-term solution to our inflation
problem.


PRODUCTIVITY AND INVESTMENT

This is linked to the UK’s long-term problem with productivity: in other words,
how much each worker produces. The UK productivity rate is growing, which you
would expect as technology brings improvements, but the growth is less than that
of key international competitors like the US, Germany and France.

While the rate of growth has returned to pre-pandemic levels after plunging
during the lockdowns, it is still slower than in the years before the global
financial crisis of 2007-09. A PwC report from 2019 highlights that annual
growth in UK productivity was 2% for the ten years to 2008 and 0.6% for the ten
years after, with a productivity gap of approximately 10% to Germany and over
30% to the US.

G7 productivity growth, 1997-2021


Growth over time seems to be following an upward trend in US Image: The
Conversation/ONS

Why does productivity matter for inflation? When a workforce is more productive
it produces more goods and services, and at a lower cost per unit. This means
there is a greater supply of these things, which puts downward pressure on
prices and is therefore associated with lower inflation.

How do we raise productivity? One important way is to invest more, but this has
been a weakness in the UK. Business investment plateaued in 2016 following the
Brexit referendum, fell with COVID-19 and remains almost 10% below the 2019
level. The nation’s investment spending as a proportion of GDP (16.7%) compares
poorly with the US (22.5%), Japan (25%) and the EU (24.3%). This is despite
evidence that UK companies are holding £140 billion in cash and have a backlog
of accumulated projects.

Discover

Beyond GDP: read the full transcript here

Show more



STAKEHOLDER CAPITALISM: BEYOND GDP - MEASURING WHAT MATTERS

Natalie Pierce: Welcome to Stakeholder Capitalism, a show from the World
Economic Forum exploring how economies can be made to work for progress, people
and the planet. I'm Natalie Pierce. And with me is the co-author of the book
Stakeholder Capitalism, exploring what's gone wrong with capitalism and what can
be done to fix it.

Peter Vanham: It's a real pleasure to be here with you, and indeed, to talk
about this book that I co-authored with Klaus Schwab, the founder and executive
chairman of the World Economic Forum. He's been thinking for 50 years about how
capitalism can work, not just in the short-term interest of shareholders, but
for all of a company's stakeholders, including employees, the communities it's
operating in and, of course, the planet as a whole.


Stakeholder Capitalism: A Global Economy that Works for Progress, People and the
Planet Image: WILEY

Natalie Pierce: Let's explore how this show will play out. In each episode we
will explore one problem outlined in your book associated with capitalism and
globalisation.

Peter Vanham: Then we'll turn to two expert guests. The first one will talk more
in detail about what the issues are related to this problem. And then the second
one will talk more about what are possible solutions.

Natalie Pierce: And at the end of each episode, we will have a 'post-match
analysis' exploring if we've arrived at answers or solutions or where we might
go next from here.

Peter Vanham: Today's topic is 'beyond GDP'. Why that magic number that
countries used to measure their economic success may not be fit for purpose
anymore.

Natalie Pierce: Peter, in a nutshell, what's gone wrong with GDP?

Peter Vanham: Let's look at the global picture. Let's look at what happened with
GDP from 1970 to 2019. Now, we see an absolute explosion in nominal terms over
the last 50 years: [global GDP growth of] 30 times.

But it doesn't tell us the full picture. We have to adjust for inflation. in
economic terms, we have to look at 'real GDP'. And the second adjustment we need
to make is we have to adjust for population growth. So we have to look at 'real
GDP per capita'. If we do that, then we see that that number only increased
twofold. Still not bad, but quite a lot less than that 30-fold increase we saw
the first time. And remember, there is something called 'median income'. This is
the real incomes that people have. If we look at that number in the US, for
example, the world's largest economy, we see that number only increased by 40% -
less than 1% increase per year.


Does GDP growth really mean we're all richer? Image: WEF

All this growth happened at the expense of the planet. If we look at our 'bio
capacity', that's the planet's capacity to regenerate what we used up last year,
we see that that was more or less in balance with our ecological footprint in
1970. But over the years, we started to create what's called an 'ecological
deficit'. And by 2019, we started using twice as much as what the planet could
regenerate. Two planets? There's only one. That's clearly an unsustainable
situation. So income increases that are not so high, and we use up much more of
the planet's resources than we can regenerate. Those are the problems with GDP.


GDP rises, the environment falls Image: WEF

Natalie Pierce: Thanks, Peter. It's now time to call on our first expert
witness, Peter, who have you found on your travels to tell us more about the
failings of GDP?

Peter Vanham: Diane Coyle. She's a professor of public policy at the University
of Cambridge in the UK and also a former adviser to the UK Treasury. She's,
amongst other things, the author of GDP A Brief and Affectionate History. And
she's also the head of something called the Beyond GDP initiative.

Peter Vanham: You've called GDP a 'wartime metric'. Could you tell us what you
mean by that?

Diane Coyle: The initiative to understand the economy as a whole, to find some
aggregate measure of national income and production, actually dates from the
Great Depression in the 1930s, but it was wartime that gave the impetus to the
development of what turned into the GDP that we're so familiar with. The
governments in the US and UK wanted to understand how much could they produce
for the war effort - what sacrifices was the civilian population going to have
to make in terms of consumption and saving? And then after the war years, this
became naturalised by the United Nations in a process to develop a whole
statistical framework known as a 'system of national accounts' - GDP is one
part. And all countries are meant to do this the same way so that we can compare
across countries, we can compare over time, and understand the extent to which
economic progress is happening,

Natalie Pierce: Pioneers of the metric voiced their concerns about GDP. Can you
tell us more?

Diane Coyle: There were intense debates right at the start about what should and
shouldn't be include, because how do we define what we mean by the economy? So
the decision was taken not to include most informal work done in the home. A lot
of it falls to women in many countries. Things like childcare, cleaning,
cooking. A lot of the services that we get from nature are not included, either.
And through the 1960s and 70s, there were environmentalists pointing out the
adverse consequences of not understanding the cost that nature was going to be
paying for current economic activity. So those debates have been constant, and I
think the reason that there's so much more impetus now in the Beyond GDP
initiative is because we've understood that the gap between that definition that
was created in the early 1940s. We understand that we have not been taking
account, literally, of some really important consequences of our activity.

Natalie Pierce: What is the Beyond GDP initiative?

Diane Coyle: I would describe it as a coalition of policymakers, economists,
campaigners who are trying to work towards better metrics of progress in our
society. The debate about how we should measure the economy dates back quite a
long time, and my sense is that particularly with the impact of the pandemic in
the past year, we're at a kind of turning point when this initiative could
really start to reshape the way that decisions get taken in business and in
policy.

Natalie Pierce: Diane, you mentioned in your book that a tree standing does
nothing for GDP until it is cut down and consumed. Does GDP promote
environmental destruction?

Diane Coyle: It, unfortunately, has often done so because short-term increases
in money spent in marketing services and goods based on natural resources or the
resources themselves has added to GDP growth. And the consequence of that has
been not thinking about the longer term and therefore sustainability. So just as
any company would have a profit and loss account on the balance sheet, we need
that too. We need to be able to understand the long-term consequences on the
stocks of natural assets for today's activities so that we can have sustainable
growth.

Peter Vanham: One of the things that you also wrote about is how the
contributions of the financial sector were not included in GDP before, and they
are now. Could you tell us a little bit more about why and how those adjustments
were made?

Diane Coyle: You're highlighting the importance of understanding that this is a
human-constructed definition of things that are important to us. And the
financial sector is a great example because its definition in the statistics has
changed several times over the decades since the Second World War. All of the
changes have increased its apparent contribution to GDP. What we use currently
in the latest set of revisions is called financial intermediation services
indirectly measured, and that does kind of measure the price that they receive,
but it also measures the risk that they're taking. But these kinds of issues
point you towards the fundamental question, which is how well is GDP measuring
what we really care about, which is economic welfare. And there are some quite
profound questions now being raised by the Beyond GDP initiative about what do
we care for.

Peter Vanham: Then could median income perhaps be a better way to say how people
are really faring, since it's a measure that more people can relate to than GDP?

Diane Coyle: There's been a divergence between the increase in GDP in many
countries and the increase in what people are receiving in their incomes from
their work and an increase correspondingly in profits which have been
increasingly concentrated in the hands of a smaller and smaller number of
companies. Something about that mechanism for sharing prosperity has gone awry.
GDP isn't measuring the increase in prosperity the way it used to until maybe 10
or 15 years ago. So certainly, looking at median household incomes gives you a
much better idea of how the typical person in a particular country is getting on
and are they seeing their lives getting better.

Natalie Pierce: Diane, what's the key takeaway for those that are listening with
us today?

Diane Coyle: The key takeaway is don't take any statistics as gospel. They are
ideas. And what we need to do is think about which ideas matter, which purposes
matter, and therefore what should we be measuring? And that's the conversation
that we all need to take part in now.

Natalie Pierce: Thank you, Diane. You have presented the case against GDP
persuasively and presented some alternative ways we might measure economic
progress. You can learn more about Diane's work at the website for the Bennett
Institute for Public Policy.

Our second expert witness who has gone beyond GDP and found an alternative way
to measure our economy's. In this next segment, we are going to explore
solutions, where should we look in the world, Peter?

Peter Vanham: Well, we would have to travel quite far. In fact, all the way to
New Zealand, where they're trying some new and different metrics than GDP. Let's
first listen to Jacinda Ardern, the prime minister of New Zealand, speaking at
the World Economic Forum's annual meeting in Davos in 2019.

Jacinda Ardern: In New Zealand, we're roughly projecting 3% growth,
unemployment's at 3.9% on traditional measures, budget surpluses. People would
look at us and go, you're doing okay. But we have homelessness at staggering
rates, one of the highest rates of youth suicide in the OECD. So our plan is
through the wellbeing work that we're doing, a living standards framework to
address the societal wellbeing of our nation, not just our economic wellbeing.

Peter Vanham: That was Jacinda Ardern speaking about the Living Standards
Framework. And joining us now live from New Zealand is one of the architects of
this framework. Professor Girol Karacaoglu. He's the head of the School of
Government at Victoria University in Wellington and also the former chief
economist of the New Zealand Treasury. And there, of course, he developed this
framework. So could you tell us what the Living Standards Framework is and how
it came about?

Girol Karacaoglu: The framework is very much based on the OECD's Better Life, or
How's Life, indicators which recognises that income and employment are very
important contributors to people's wellbeing, but also acknowledges, based on a
lot of empirical evidence from around the world, that people care about other
things as well, such as social connections. The Wellbeing Framework tries to
turn it into public policy, a public policy that's trying to improve both
material and non-material sources of wellbeing, including social connections and
environmental quality.

Natalie Pierce: How is New Zealand faring, according to the framework?

Girol Karacaoglu: The recent data shows that the evidence and performance of New
Zealand is very mixed. In some domains, such as per capita income, housing
affordability, we are doing very poorly. On the other hand, life expectancy,
social connections, safety are relatively high and pollution is low. Natural
capital is under huge stress - biodiversity is getting worse. But social
capital, including trust in government, is quite high. So it's a mixed picture.

Natalie Pierce: And how is it received by the people in New Zealand?

Girol Karacaoglu: Almost all the public sector, both central and local regional
government, are now framing policy propositions and investment propositions
around the Wellbeing and Living Standards Framework and regional and local
governments are doing their long-term planning exercises by asking people what
they care about, and trying to capture that.

Peter Vanham: What's the benefit of thinking in terms of stocks of capital as
opposed to yearly production value?

Girol Karacaoglu: The reason they are important is they highlight that, while we
need to deliver the flows in order to keep and give current prosperity to people
living today, if we can preserve appropriately those capital stocks, that means
that we can also deliver wellbeing to future generations. One of the big themes
in New Zealand public policy today is intergenerational wellbeing. In other
words, how can we ensure wellbeing to the wider population while at the same
time preserving the capital stocks to ensure that future generations also have
and enjoy wellbeing?

Peter Vanham: So how do we know if these metrics are successful?

Girol Karacaoglu: What it forces us to do, and this is something very live and
active in New Zealand, is to think of public policy as packages of policies that
complement each other. So a policy package that focuses on both improving the
wellbeing through mental health of an individual while at the same time
incentivising a switch of production and consumption towards greener, cleaner
technology as a package, would serve both purposes.

Natalie Pierce: If you had one takeaway that you would like to share from this
conversation with your students, what would it be?

Girol Karacaoglu: There is a circularity between individual ways of living and
the total social and communal outcomes. So I would urge them in whatever they do
to always think: 'Is it helping society? Is it good for the environment? Does it
give me good material comfort? And does it give everyone the right to speak and
contribute?' If you live that way, then society will benefit as well, both today
and across generations.

Natalie Pierce: Thank you Girol Karacaoglu for joining us. Your book, Love you:
Public policy for intergenerational wellbeing, is out now.

Natalie Pierce: Peter, you set the problem out for us: GDP is no longer fit for
purpose. What did you hear today that makes you more optimistic for a different
way forward?

Peter Vanham: Well, I like that first idea that we heard - that quick fix of
looking at median household incomes rather than aggregate GDP. I think if you
look at incomes, it tells you much better how real people are doing in an
economy as opposed to that dumber GDP that really doesn't say much. So that's
the first thing that I thought was very helpful.

Natalie Pierce: GDP may work for an economy, but GDP does not work for people,
and incomes is a better metric that actually means something to people. But
Professor Karacaoglu still told us that income can still be an aggregate number
that is detrimental to the environment or for work-life balance.

Peter Vanham: When he talked about this idea of wealth being a stock of capital
as opposed to only a flow, I think that that was quite helpful too, because
indeed, you know, it helps you see these things as more sort of something that
was given to us from our parents and our grandparents, everyone that came before
us, and we have to leave to those who come after us. And so that looking at
wealth and capital and everything that really produces value more from that
stock perspective than from the flow perspective, I think, is the other aspect.

Natalie Pierce: I totally agree. I think for Professor Karacaoglu, that emphasis
on intergenerational wellbeing was something that as a young person obviously
really resonated with me. I also really liked what Diane mentioned around GDP as
a concept - it is just that - it can be transformed, it can be altered, it can
be reimagined entirely.

Peter Vanham: She talked about that idea that previously we looked at GDP and we
looked at it as a wartime metric, and therefore, for example, we didn't include
those unpaid household chores, whereas we all know that they're very valuable.
And I think in a peacetime economy, perhaps we should value that more also by
including it in that number that GDP is.

Natalie Pierce: Yes, it's not GDP or its GDP and. And Jacinda Ardern also
emphasised some of those other indicators. That's all the time we have. Thank
you to Peter and thank you to our guests, Diane Coyle and Girol Karacaoglu.

Peter Vanham: We'll be back soon with another episode of Stakeholder Capitalism,
and this time we'll look at employees and they are treated. And we'll also ask
if we should perhaps re-evaluate the role of trade unions.

Natalie Pierce: Join us for the next episode of Stakeholder Capitalism. See you
next time at wef.ch/stakeholdercapitalism.




WHAT CAN BE DONE

The question is how to encourage firms to release this investment potential. The
government is planning to increase headline corporation tax from 19% to 25% in
2023, which is not going to help and should arguably be scrapped. To further
incentivise investment, there’s also a need for more generous rules around tax
relief, including extending the “super-deduction” that was brought in two years
ago, which can reduce companies’ tax bills by 25%.


Better apprenticeships are vital for productivity. Image: Unsplash/Callum Hill

As well as encouraging companies to invest and expand, the government needs to
incentivise people to start new companies. For example, the UK has lost
three-quarters of a million self-employed workers since February 2020.

To encourage more start-ups, the UK government, the devolved administrations and
councils need to come together to develop strategic plans for different regions.
This includes making better use of universities as local hubs for expertise and
developing clusters of similar firms based on local specialisms that can help
one another by sharing equipment and collaborating. Plans exist, but need to be
actioned; levelling up must be more than a catchy slogan.

Public investment has to be part of the picture. This especially includes
education, both at school, where upgraded facilities are required to ensure that
young people are fully trained in the latest technology; and for over-18s, with
a clearer balance between university and apprenticeship training.

Getting east to west is about to become substantially easier in London thanks to
Crossrail, but remains tortuous elsewhere, whether from Leeds to Manchester or
Edinburgh to Glasgow. Quicker transport links improve the mobility of goods and
labour, while truly upgrading internet connections (full fibre and 5G) improves
links when travel isn’t necessary. Both improve productivity.

HAVE YOU READ?

 * HOW DO HOUSEHOLDS PREPARE FOR INFLATION?

 * EVERYTHING YOU NEED TO KNOW ABOUT INFLATION 

Inevitably, these kinds of interventions involve further spending. But this has
to be viewed as a long-term solution. After WWII, government debt was well over
200% of GDP and took 50 years to be paid off. The same time scale can be
considered now.

UK Chancellor Rishi Sunak has been talking a lot about the need to unlock
investment and raise productivity, but there is still very little detail about
what the government intends to do. There are lots of economic benefits to
raising productivity, but bringing down inflation is the one that everyone seems
to have missed.



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