OECD published The Future of Productivity book. "Productivity diffusion is especially challenging in the services sector, partly due to low competitive pressures which blunt the incentives to adopt best practices. This partly reflects policy weaknesses and productivity problems in the services sector will become increasingly costly for two reasons. First, the weight of services in our economies will continue to rise. Second, it may hinder the effective functioning of global value chains since logistics, finance and communication are the oil that greases the wheels of globalisation." Also, the report states that "even though the most advanced firms can have productivity levels close to the global frontier, their aggregate impact is muted to the extent that they are under-sized."
Findings for the Czech Republic include:
30% skill mismatch in Czech Republic.
Annual average growth of labor productivity in 1995-2004 was 3.1% and 1.9% in 2004-2013.
Annual average growth of GDP per hour worked in 2000-2007 was 4.3% and 0.3% in 2007-2013.
21st November 2022
18th November 2022