Economic resilience can be strengthened implementing policies aimed at mitigating both the risks and consequences of severe crises.
Global GDP growth is projected to pick up modestly to around 3½ per cent in 2018, from just under 3% in 2016, boosted by fiscal initiatives in the major economies.
Mexico’s structural reforms are already boosting productivity, but more can be done.
Well-known global companies such as Google, Apple and Amazon of the digital era as well as more traditional ones of the likes of BMW, L’Oreal and Nestlé have recorded impressive productivity gains over the 2000s as they created more and more revenue per employee. At the same time, aggregate productivity growth in the OECD – that reflects the performance of all businesses not just the few most successful ones – has stagnated.
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This paper provides a quantitative description of decoupling in OECD countries over the past two decades, with the results suggesting that it is explained by declines in both labour shares and the ratio of median to average wages (a partial measure of wage inequality).
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This paper explores the extent to which “zombie” firms – defined as old firms that have persistent problems meeting their interest payments – are stifling labour productivity performance.
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Productivity growth is essential to providing sustainable increases in living standards. Malaysia has reached a development stage where growth needs to be driven more by productivity gains than the sheer accumulation of capital and labour inputs.
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Slovenia’s living standards measured in GDP per capita are currently some 20% below the EU15 average and have not yet reached their pre-crisis level.
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Skill requirements in the labour market have significantly changed over the past two decades. The restructuring of the economy is making the labour market increasingly knowledge-based.
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Over the past two decades, the income level of the Czech Republic has converged considerably towards the OECD average.