Digital, Distanced and Domestically Focused: A View on 2021 from the Mastercard Economics InstituteDecember 7, 2020 | By Julia Monti
To help governments and businesses of all sizes find a path forward following the challenges of 2020, the Mastercard Economics Institute today released Economy 2021, an outlook of what’s to come in economies around the world. The report can be accessed here.
The team of data scientists and economists assessed key economic indicators, paired with an analysis of anonymized and aggregated sales activity across the global Mastercard network, to deliver global and regional insights into consumer spending, e-commerce and digital acceleration, travel, and economic policy and risks.
The institute was launched this year to analyze macroeconomic trends around the globe through the lens of the consumer, providing detailed and actionable insights on economic issues for key customers, partners and policymakers.
“This year put us all to the test. We’ve become more distanced, more digital and more domestically focused. We made a dramatic digital leap forward, and saw incredible resilience from small business owners, consumers and policymakers looking to keep us on track,” says Bricklin Dwyer, Mastercard’s chief economist. “2021 will not bring a light-switch return to life before COVID. With a vaccine in sight, we expect a gradual yet uneven recovery that highlights the benefits of embracing digital and low-touch experiences.”
Dwyer shares six critical trends for 2021 in his blog “Economic Outlook 2021: The 'E-Conomy' is here to stay" here.