TOWARD A FINANCIAL INCLUSION AGENDA FOR THE GLOBAL MAJORITY
ISSUE BRIEF
Atlantic Council
GEOECONOMICS CENTER
ISSUE BRIEF
Toward a financial inclusion agenda for the global majority SEPTEMBER 2024
INTRODUCTION
The GeoEconomics Center develops data-driven programs, publications, and thought leadership at the nexus of economics, finance, and foreign policy. The Center aims to bridge the divide between these oft-siloed sectors with the goal of helping shape a more resilient global economy. Our work is built on the idea that the United States must lead with allies or risk becoming a bystander in a reshaped international financial system. The Center is organized around three pillars - the Future of Capitalism, the Future of Money, and the Economic Statecraft Initiative.
ATLANTIC COUNCIL
NICOLE GOLDIN
A
fter decades of globalization, structural transformation, financial collapse, and technological change, the global economy faced a once-in-a-century pandemic. COVID-19, and the associated lockdowns, sent shock waves through households, businesses, and government budgets. Real economic activity and employment ground to a near halt, while digital work and commerce skyrocketed overnight. Subsequently, recovery was hindered by inflation. The war in Ukraine and the heightened pace of extreme weather events caused further economic devastation. Amid such tumult, governments spent an unprecedented amount of money, especially on fiscal transfers. In the process, they often struggled to deliver those transfers directly to citizens, compounding and creating new demand for financial inclusion and innovation. In today’s uncertain economic and geopolitical environment, comprehensive financial services—lending, payments, savings, insurance—have grown even more critical to economic resilience, participation, and growth. Yet, worldwide data shows a gap: most people globally lack access to these services. Individuals and communities at the greatest disadvantage more often than not face other challenges to economic or social empowerment, which compounds the inequality. At the same time, however, these workers, entrepreneurs, and consumers who belong to the global majority have the potential to earn, spend, produce, and invest in ways that unleash financial dynamism and well-being for their families while also promoting global prosperity and inclusive, sustainable development. Despite their strength in numbers, the global majority has been largely overlooked in research and deliberative forums. To address knowledge and action gaps, this brief will provide the basis for mobilizing policymakers, investors, and innovators to advance a new financial inclusion agenda designed for the global majority.
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