Overview

Productivity is the ultimate engine of growth in the global economy. Raising productivity is therefore a fundamental challenge for countries going forward. This new OECD report on The Future of Productivity shows that we are not running out of ideas. In fact, the growth of the globally most productive firms has remained robust in the 21st century. However, the gap between those global leaders and the rest has increased over time, and especially so in the services sector. This implies that knowledge diffusion should not to be taken for granted. Future growth will largely depend on our ability to revive the diffusion machine, both within and across countries. At the same time, there is much scope to boost productivity and reduce inequality simply by more effectively allocating human talent to jobs. Over the coming decades, there will be several challenges to global growth, in spite of the continued rise of emerging economies. Global growth will be affected by population ageing, and a levelling out in education attainments in OECD countries and in labour force participation. More than ever, productivity will be the main driver of future growth and prosperity. Higher productivity growth is also essential to accommodate the impact of demographic pressures on public budgets, to escape the middle income trap that afflicts many emerging economies and to foster a new era of efficiency that drastically shrinks our footprint on the environment.

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