Business books will not make the cut when it comes to investment in 2019, but there are some that could benefit from an investment in 2018.
A report from the McKinsey Global Institute predicts that the books on investment in 2020 will have the highest share of total investment by 2019.
McKinsey said that investment in the book and business development sectors will grow by 9.5 per cent.
“The books on business development and investment are going to be the fastest growing sectors,” said Kate Smith, the McKinseys chief economist.
There are some sectors that have had strong growth in the past year and are forecast to have the most growth in 2020.
The retail sector, which has experienced a slow but steady growth since the start of the year, has the highest growth in 2019.
McKinsey predicts that its growth forecast for the sector will average out at 6.4 per cent in 2019 and 4.7 per cent by 2020.
The financial services sector has seen a rapid growth, with the sector expected to see a 3.4-per-cent rise in 2019 to reach $8.9 trillion.
“We think the financial services sectors are going up faster than the retail sector,” said Smith.
Investment in the books and business technology sectors will be the next fastest growing sector, with their growth expected to average out to 3.6 per cent growth in 2018 and 3.5-per cent growth by 2020, McKinsey added.
Investment opportunities for businesses will continue to grow.
“The book and technology sector is the fastest-growing in the business, but it is also the sector that is going to have a lot of growth in coming years,” said James Wilson, an economist at BNP Paribas.
Wilson believes that business growth is set to increase from 5.4 to 6.5 percent in 2019 in the UK and Ireland, and from 5 to 6 per cent for all the UK, Ireland and the EU.
A lot of the growth in businesses in 2019 will come from the internet sector, as it is predicted to grow at a faster rate than any other sector in the economy, according to McKinsey.
It is expected that the internet industry will grow at 7.2 per cent next year in the EU, up from 6.1 per cent this year.
More than half of the firms predicted to be in the top 10 of global growth, according the McKinsells report, are in the internet, with digital advertising leading the way.
In 2019, the top five firms in the world are expected to be Amazon, Netflix, Facebook, Amazon, and Google, which is up from the top three in 2018, McKinsell said.
Business investment has been a key component in the success of the UK’s digital economy and a key driver of the economy in the US, McKinseys said.
However, there is a chance that the UK could lose out in 2019 due to the global economic slowdown.
“If we get a global recession we could lose a lot in 2019,” said Wilson.
“However, the US will also see some growth in business investment.
As well as the UK the US also has the fastest growth in China, with an expected 4.5% growth in next year, McKinsay predicts.