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Sources of growth

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Abstract:

Today's world faces extraordinary challenges. In particular, effects of the economic downturn will be felt for years to come. The measure used to gauge welfare is GDP per capita, and changes in welfare can result from changes in labour productivity (GDP per hours worked) and labour utilisation (hours worked per person employed). Slowing labour productivity was already eroding growth performance prior to the crisis (2007‐08), which has made it even more imperative for countries to find new and sustainable sources of growth.

Document Type: Review Article

Publication date: 2010-05-01

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