Published on 20 Nov 2023 on Insider Monkey via Yahoo Finance
In this article, we will be analyzing the global productivity outlook while covering the 20 countries by productivity growth in 2023. If you wish to skip our detailed analysis, you can move directly to the 5 Countries by Productivity Growth in 2023.
Productivity Across the Globe: An Overview
The global pandemic struck the world’s economy resulting in a drastic slowdown in productivity growth. Following the pandemic’s outbreak, the economic performance of 70% of advanced economies and emerging market and developing economies (EMDEs) was deeply impacted. In 2023, The Conference Board reported that global productivity growth has been witnessing a sluggish trend. The GDP per hour worked is to rise by only 1.2% worldwide in 2023 which is lower as compared to the years preceding the pandemic. The labor markets around the world have been predicted to stay tight which is ultimately going to impact even productive businesses in the next 10 years. However, automation and digitalization can foster productivity in businesses.
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