Economic Growth in the OECD Area: Recent Trends at the Aggregate and Sectoral Level

This paper discusses growth performance in the OECD countries over the past two decades. Special attention is given to developments in labour productivity, allowing for human capital accumulation, and multifactor productivity (MFP), allowing for changes in the composition and quality of physical capital. The paper suggests wide (and growing) disparities in GDP per capita growth, while differences in labour productivity have remained broadly stable. These patterns are explained by different employment growth rates across countries. In the most recent years, a rise in MFP growth in ICT-related industries has boosted aggregate growth in some countries (e.g. the United States) ... Cette etude examine les performances en matiere de croissance dans les pays de l’OCDE durant les deux dernieres decennies. Une attention est tout particulierement donnee a la productivite du travail, en tenant compte de l’accroissement du capital humain, et de la productivite multifactorielle (PMF), en tenant compte des changements dans la composition et la qualite du capital physique. L’etude suggere des disparites importantes (et en augmentation) dans les taux de croissance du PIB par habitant, alors que les differences dans les taux de croissance de la productivite du travail sont demeurees generalement stables. Des taux d’accroissement de l’emploi tres varies sont a la base de ces differences. Durant ces dernieres annees, une hausse du taux d’accroissement de la productivite multifactorielle dans les industries liees aux technologies de l’information et des communications a accru la croissance globale dans certains pays (ex. les Etats-Unis) ...

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