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Gone with the Headwinds
Report

Gone with the Headwinds

Global Productivity

Gustavo Adler, Romain Duval, Davide Furceri, Sinem Kiliç Çelik, Ksenia Koloskova and Marcos Poplawski-Ribeiro
IMF, 2017
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Editorial Rating

8

Qualities

  • Comprehensive
  • Analytical
  • Well Structured

Recommendation

Increases in total factor productivity (TFP) drove the engine of worldwide economic gains for decades. But since the 2008 global financial crisis, TFP declines have been responsible for a major share of the output slowdown in both the developed and developing economies. Professionals at the International Monetary Fund focus on the crisis-fanned “headwinds” that have hindered productivity growth. In this scholarly dive into the nuances of productivity, the team analyzes the shortfall and its causes, implications and potential mitigations. getAbstract recommends this erudite report to economists, executives and policy experts.

Take-Aways

  • For decades prior to the global financial crisis, total factor productivity (TFP) had catalyzed economic expansion.
  • However, since the 2008 implosion, TFP growth has precipitously declined.
  • Specific factors, including companies’ reluctance to make long-range plans due to “economic and policy uncertainty,” have diminished efficiency growth.

About the Authors

Gustavo Adler et al. are economists and researchers at the International Monetary Fund.

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