McKinsey Global Institute

Productivity & Prosperity

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The global balance sheet 2026: Imbalance and divergence

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Several asset classes grew further out of balance with the economy, raising the possibility of corrections through inflation, asset valuation losses, or, optimally, productivity.

MORE INSIGHTS

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Catalyzing competitiveness: Where investment happens and why
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Competitiveness has moved to the top of the global agenda, and investment is its indicator and its outcome. In the context of...
A vast array of dark blue solar panels arranged in a precise geometric grid, viewed from above. At the center, a worker in a bright orange safety vest walks along a maintenance pathway.
Solar power: From intermittent sunshine to reliable power
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Solar photovoltaic projects with battery energy storage systems are moving beyond low-cost generation by transforming intermittent...
A close-up view of a computer processor mounted on a blue motherboard, surrounded by capacitors, circuits, and electronic components.
Semiconductors: Etching the new map of strategic supply
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As geopolitics shift, more countries are wooing semiconductor manufacturers to enhance resilience. At the same time, demand for...
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Polyethylene: Widely produced—but not one-size-fits-all
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Manufacturing polyethylene is a highly competitive business. Success depends greatly on access to feedstocks, yet investment...
A pharmaceutical production line with rows of small glass vials moving through a complex stainless-steel machine.
Pharmaceuticals: Innovating and advancing around the world
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The continued rise of monoclonal antibody therapies and demographic changes are powering growth in the pharmaceuticals industry....
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Nuclear power: A renaissance in the making
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The explosion of AI data centers and the continued electrification of automobiles and other products have greatly increased demand...
The interior of a large industrial steel plant, where molten metal glows bright orange amid heavy machinery and towering metal structures.
EAF steel: Beyond the blast furnace
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Global steel investment is flat, but DRI-EAF production is gaining share in advanced economies.
A modern data center filled with rows of illuminated server racks extending into the distance under bright blue lighting.
Colocation data centers: The infrastructure race behind AI
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Data center capital expenditures are surging as AI workloads grow, yet competitiveness increasingly depends on securing advanced...
A close-up of a laboratory pipette releasing a droplet of liquid above a row of clear test tubes filled with fluid.
Biopharma R&D: The evolving formula for discovery and development
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Innovation after innovation is advancing the biopharmaceutical industry, enabling better treatment of complex diseases. The industry...
Several large lithium-ion battery modules arranged on an automated production line inside a clean, high-tech manufacturing facility.
Batteries: Scaling the engine of electrification
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Demand for batteries is surging as electric vehicles and storage grow, but competitiveness depends on securing materials, ramping...
The exposed chassis and battery platform of an electric vehicle surrounded by robotic arms in a high-tech manufacturing or display environment.
Automotive R&D: Charging ahead in EV platform development
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Improvements in batteries and recharging, not to mention geopolitics, have increased consumer appetites for electric vehicles....

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