Our Privacy Policy has been updated! The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Detailed information on the use of cookies on this site is provided in our cookie policy. For more information on how The Conference Board collects and uses personal data, please visit our privacy policy. By continuing to use this Site or by clicking "OK", you acknowledge our privacy policy and consent to the use of cookies.  Our Privacy Policy has been updated! Detailed information on the use of cookies on this site is provided in our cookie policy and our privacy policy. 
TCB Tourch
Loading...
  • logoImage
  •  
    • US
    • EUROPE
    • ASIA
  • 2

    Close
    • Insights
        • Insights
        • Explore by Center
          • Explore by Center
          • CED
            Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Explore by Content Type
          • Explore by Content Type
          • Reports

          • Upcoming Webcasts

          • On Demand Webcasts

          • Podcasts

          • Charts & Infographics

        • Trending Topics
          • Trending Topics
          • Artificial Intelligence (AI)

          • Navigating Washington

          • Geopolitics

          • US Economic Forecast

          • Sustainability

          • Future of Work

    • Events
        • Events
        • Upcoming Events
          • Upcoming Events
          • People First: Opportunity and Access

          • CHRO Summit: Navigating through a Tsunami of Change

          • Future: People Asia

          • Executive Compensation in a Disruptive World

          • CED Distinguished Leadership Awards Celebration

          • The 2025 IBI/Conference Board Health and Productivity Forum

          • Explore all Upcoming Events

        • Member-Exclusive Programs
          • Member-Exclusive Programs
          • Center Briefings

          • Experts Live

          • Roundtables

          • Working Groups

          • Expert Briefings

    • Data
        • Data
        • Consumer Confidence Index

        • Data Central

        • TCB Benchmarking

        • Employment Trends Index

        • Global Economic Outlook

        • Leading Economic Indicators

        • Help Wanted OnLine

        • Labor Markets

        • Measure of CEO Confidence

        • Human Capital Benchmarking &
          Data Analytics

        • CMO+CCO Meter Dashboard

    • Centers
        • Centers
        • Our Centers
          • Our Centers
          • Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Center Membership
          • Center Membership
          • What Is a Center?

          • Benefits of Center Membership

          • Join a Center

    • Councils
        • Councils
        • Find a Council
          • Find a Council
          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Council Membership
          • Council Membership
          • What is a Council?

          • Benefits of Council Membership

          • Apply to a Council

    • Membership
        • Membership
        • Why Become a Member?
          • Why Become a Member?
          • Benefits of Membership

          • Check if Your Organization is a Member

          • Speak to a Membership Associate

        • Types of Membership
          • Types of Membership
          • Council

          • Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

          • Insights

        • Already a Member?
          • Already a Member?
          • Sign In to myTCB®

          • Executive Communities

          • Member-Exclusive Programs

    • About Us
        • About Us
        • Who We Are
          • Who We Are
          • About Us

          • In the News

          • Press Releases

          • Our History

          • Support Our Work

          • Locations

          • Contact Us

        • Our Community
          • Our Community
          • Our Leadership

          • Our Experts

          • Trustees

          • Voting Members

          • Global Counsellors

          • Careers

          • This Week @ TCB

    • Careers
    • This Week @ TCB
    • Sign In to myTCB®
      • US
      • EUROPE
      • ASIA
    • Insights
      • Insights
      • Explore by Center
        • Explore by Center
        • CED
          Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Explore by Content Type
        • Explore by Content Type
        • Reports

        • Upcoming Webcasts

        • On Demand Webcasts

        • Podcasts

        • Charts & Infographics

      • Trending Topics
        • Trending Topics
        • Artificial Intelligence (AI)

        • Navigating Washington

        • Geopolitics

        • US Economic Forecast

        • Sustainability

        • Future of Work

    • Events
      • Events
      • Upcoming Events
        • Upcoming Events
        • People First: Opportunity and Access

        • CHRO Summit: Navigating through a Tsunami of Change

        • Future: People Asia

        • Executive Compensation in a Disruptive World

        • CED Distinguished Leadership Awards Celebration

        • The 2025 IBI/Conference Board Health and Productivity Forum

        • Explore all Upcoming Events

      • Member-Exclusive Programs
        • Member-Exclusive Programs
        • Center Briefings

        • Experts Live

        • Roundtables

        • Working Groups

        • Expert Briefings

    • Data
      • Data
      • Consumer Confidence Index

      • Data Central

      • TCB Benchmarking

      • Employment Trends Index

      • Global Economic Outlook

      • Leading Economic Indicators

      • Help Wanted OnLine

      • Labor Markets

      • Measure of CEO Confidence

      • Human Capital Benchmarking & Data Analytics

      • CMO+CCO Meter Dashboard

    • Centers
      • Centers
      • Our Centers
        • Our Centers
        • Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Center Membership
        • Center Membership
        • What is a Center?

        • Benefits of Center Membership

        • Join a Center

    • Councils
      • Councils
      • Find a Council
        • Find a Council
        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Council Membership
        • Council Membership
        • What is a Council?

        • Benefits of Council Membership

        • Apply to a Council

    • Membership
      • Membership
      • Why Become a Member?
        • Why Become a Member?
        • Benefits of Membership

        • Check if Your Organization is a Member

        • Speak to a Membership Associate

      • Types of Membership
        • Types of Membership
        • Council

        • Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

        • Insights

      • Already a Member?
        • Already a Member?
        • Sign In to myTCB®

        • Executive Communities

        • Member-Exclusive Programs

    • About Us
      • About Us
      • Who We Are
        • Who We Are
        • About Us

        • In the News

        • Press Releases

        • This Week @ TCB

        • Our History

        • Support Our Work

        • Locations

        • Contact Us

      • Our Community
        • Our Community
        • Our Leadership

        • Our Experts

        • Trustees

        • Voting Members

        • Global Counsellors

        • Careers

        • This Week @ TCB

    • Careers
    • Sign In to myTCB®
    • Download TCB Insights App
  • Insights
    Insights

    Our research and analysis have helped the world's leading companies navigate challenges and seize opportunities for over 100 years.

    Explore All Research

    Economic Indicators

    • Explore by Center
    • CED
      Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    • Explore by Content Type
    • Reports
    • Upcoming Webcasts
    • On Demand Webcasts
    • Podcasts
    • Charts & Infographics
    • Trending Topics
    • Artificial Intelligence (AI)
    • Navigating Washington
    • Geopolitics
    • US Economic Forecast
    • Sustainability
    • Future of Work
  • Events
    Events

    Our in-person and virtual events offer unmatched opportunities for professional development, featuring top experts and practitioners.

    See Everything Happening This Week

    Sponsor a Program

    • Upcoming Events
    • People First: Opportunity and Access

      June 12 - 13, 2025

      CHRO Summit: Navigating through a Tsunami of Change

      June 24, 2025

      Future: People Asia

      September 04 - 05, 2025

    •  
    • Executive Compensation in a Disruptive World

      September 16 - 17, 2025

      CED Distinguished Leadership Awards Celebration

      October 08, 2025

      The 2025 IBI/Conference Board Health and Productivity Forum

      October 16 - 17, 2025

    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
    • Explore by Type
    • Events
    • Webcasts
    • Podcasts
    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
  • Data
    Corporate Disclosure Data

    TCB Benchmarking

    Real-time data & analytical tools to benchmark your governance, compensation, environmental, human capital management (HCM) and social practices against US public companies.

    Economic Data

    All Data

    See current direction and trends across key indicators

    Consumer Confidence Index

    US consumers' thoughts on the economy, jobs, finances and more

    Data Central

    One-stop, member-exclusive portal for the entire suite of indicators

    Labor Markets

    Covering all aspects of labor markets, from monthly development to long-term trends

    Measure of CEO Confidence

    Examines the health of the US economy from the perspective of CEOs

     

    Recession & Growth Trackers

    See the current and future state of 16 economies.

    Global Economic Outlook

    Track the latest short-, medium-, and long-term growth outlooks for 77 economies

    Leading Economic Indicators

    Track the state of the business cycle for 12 global economies across Asia and Europe

    Help Wanted OnLine

    Track the status of job markets across the US through online job listings

    Other Featured Data

    Human Capital Analytics Tools

    Tools to understand human capital management and corporate performance

    CMO+CCO Meter Dashboard

    Tracks the impact, resources, and satisfaction of CMOs and CCOs

  • Centers
    Centers

    Centers offer access to world-class experts, research, events, and senior executive communities.

    Our Centers
    • Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    Center Membership
    • What Is a Center?
    • Benefits of Center Membership
    • Join a Center
  • Councils
    Councils

    Councils are invitation-only, peer-led communities of senior executives that come together to exchange knowledge, accelerate career development, and advance their function.

    Find a Council
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    Council Membership
    • What Is a Council?
    • Benefits of Council Membership
    • Apply to a Council
  • Membership
    Membership

    Membership in The Conference Board arms your team with an arsenal of knowledge, networks, and expertise that's unmatched in scope and depth.

    • Why Become a Member?
    • Benefits of Membership
    • Check if Your Organization is a Member
    • Speak to a Membership Associate
    • Types of Membership
    • Council
    • Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    • Insights
    • Already a Member?
    • Sign in to myTCB®
    • Executive Communities
    • Member-Exclusive Programs
  • About Us
    About Us

    The Conference Board is the global, nonprofit think tank and business membership organization that delivers Trusted Insights for What's Ahead®. For over 100 years, our cutting-edge research, data, events and executive networks have helped the world's leading companies understand the present and shape the future.

    Learn more about Membership

    • Who We Are
    • About Us
    • In the News
    • Press Releases
    • Our History
    • Support Our Work
    • Locations
    • Contact Us
    • Our Community
    • Our Leadership
    • Our Experts
    • Trustees
    • Voting Members
    • Careers
    • This Week @ TCB
Check if You're a Member
Create Account
Forgot Your Password?

Members of The Conference Board get exclusive access to the full range of products and services that deliver Trusted Insights for What's Ahead ® including webcasts, publications, data and analysis, plus discounts to conferences and events.

Stagnant Productivity Growth Returns

29 April 2022 | Press Release

Download Release  
  • Email
  • Linkedin
  • Facebook
  • Twitter
  • Copy Link
True

Labor Productivity Set to Flatline for the Second Straight Year in 2022, Dashing Hopes of Resurgence 

At the height of COVID-19, economists found at least one hopeful glimmer in a sea of dire data: productivity. In 2020, GDP per hour worked—a standard definition of labor productivity—saw its largest year-on-year increases since the 1970s: +4.5% globally, including +2.6% in the US.

This spike appeared to accelerate a revival for economies mired in a long-term productivity slowdown over the past decade. But 2020’s turnaround was short-lived, explains The Conference Board in its new report, Global Labor Productivity: Stagnating, But Still Above Prepandemic Levels.

“After a COVID-fueled surge in 2020, global labor productivity—defined as GDP per hour worked—stagnated in 2021 and is forecast to stall again in 2022,” said Klaas de Vries, economist at The Conference Board. “The lack of productivity growth in 2022 is driven in large part by the impact of the war in Ukraine, with weak output growth but robust labor input growth. Furthermore, lingering effects of the pandemic—driven by slowing growth in goods consumption and increasing service sector activities which tend to show below-average productivity—will likely weigh negatively on global 2022 productivity performance.”

The report draws on data from The Conference Board Total Economy Database™, a compendium of productivity for over 130 countries, regions, and economies worldwide. Among its key findings:

After a pandemic-related surge in 2020, global labor productivity growth flatlined in 2021 and is likely to do so again in 2022.

  • Globally, The Conference Board projects GDP per hour worked will remain roughly unchanged in 2022—marking a second straight year of stagnation despite rapid growth in output and employment around the world.
  • This marks a disappointing return to weak productivity growth after the productivity spurt in 2020, and the hopeful signs in the years preceding it. In 2020, GDP per hour worked spiked +4.5% globally—and +2.6% in the US—after years of averaging anemic growth of just 1.4% and 0.7%, respectively. (See 2011-19 averages below)
  • When COVID-19 hit, furloughs, fear, and stay-at-home orders caused a dramatic decline in hours worked that outpaced even the steep contraction in economic activity. While many economies were already seeing momentum toward higher productivity growth—US GDP per hour worked grew a strong +1.5% in 2019—it was the pandemic’s historically unique combination of forces that explained much of 2020’s surge in labor productivity, and why it proved so fleeting.

As lower-productivity services reopen—and the pandemic surge in goods consumption abates—pandemic-related productivity gains are receding.

  • For much of the world, 2022 will see productivity decline, as the gains in hours worked—due to reopening of economies and the return of in-person activities—will outpace GDP growth. While overall productivity could remain above prepandemic trend levels, these gains may erode rapidly.
  • Across mature economies, GDP per hour worked is poised to contract by −0.2% in 2022. These declines range from −0.2% in the US, to −0.9% in Germany, −1.3% in the UK, and −2.2% in Japan.

The situation across emerging and developing economies is only slightly more positive, with GDP per hour worked likely to grow just +0.2% in 2022.

Surging inflation and the ongoing war in Ukraine will make productivity gains more important for sustaining growth but harder to achieve.

  • Escalating costs for inputs, particularly energy, and supply chain disruptions leading to shortages of materials worsened following Russia’s invasion of Ukraine. These factors are likely to weigh on productivity growth this year and quite possibly in 2023 as well.
  • The Ukraine war will intensify inflation pressures and limit the ability of companies to compete on pricing and costs. The longer these pressures exist, the more important productivity improvements will become.
  • To offset rising input and labor costs, firms will need to redouble efforts to overcome weak productivity growth through innovation, restructuring, digital transformation, automation, improving efficiency, and  investment in new business models.

For complete analysis, charts, and data tables, visit The Conference Board Total Economy Database™, Productivity results (2022 update): https://www.conference-board.org/data/economydatabase

About The Conference Board

The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead®. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org.

Media Contact:

Jonathan Liu
jliu@tcb.org

Other Related Resources

Report

The End of the COVID-19 Public Health Emergency

The End of the COVID-19 Public Health Emergency

April 14, 2023

Report

Lessons For the US from Singapore's Study of Response to COVID-19

Lessons For the US from Singapore's Study of Response to COVID-19

April 04, 2023

Report

What Is the Outlook for Consumption in China Post-zero-COVID?

What Is the Outlook for Consumption in China Post-zero-COVID?

January 20, 2023

Podcasts

Leadership in Challenging Times: Heyward Donigan

Leadership in Challenging Times: Heyward Donigan

August 02, 2022

Newsletters & Alerts

CED Newsletter July 27, 2022: Six Recession Red Flags: A Conversation with Logan Mohtashami, Lead Analyst, HousingWire

CED Newsletter July 27, 2022: Six Recession Red Flags: A Conversation with Logan Mohtashami, Lead Analyst, HousingWire

July 27, 2022

Podcasts

Leadership in Challenging Times: Dr. Albert Bourla

Leadership in Challenging Times: Dr. Albert Bourla

July 26, 2022

Podcasts

Leadership in Challenging Times with Penny Pennington

Leadership in Challenging Times with Penny Pennington

July 19, 2022

Report

COVID-19 as a Catalyst for HR Innovation and Transformation

COVID-19 as a Catalyst for HR Innovation and Transformation

June 09, 2022

Newsletters & Alerts

CED Newsletter, May 11, 2022: Is A New Economic Iron Curtain Next, The Impact of COVID School Closings on Childhood Development

CED Newsletter, May 11, 2022: Is A New Economic Iron Curtain Next, The Impact of COVID School Closings on Childhood Development

May 11, 2022

Report

The Reimagined Workplace Two Years Later

The Reimagined Workplace Two Years Later

April 29, 2022

Newsletters & Alerts

CED Newsletter, April 20, 2022: Announcing the Recipients of CED's 2022 Distinguished Leadership Awards

CED Newsletter, April 20, 2022: Announcing the Recipients of CED's 2022 Distinguished Leadership Awards

April 20, 2022

Newsletters & Alerts

CED Newsletter, April 13, 2022: India's Geopolitical Role, the Future of Taiwan, Supply Chain Challenges, and More

CED Newsletter, April 13, 2022: India's Geopolitical Role, the Future of Taiwan, Supply Chain Challenges, and More

April 13, 2022

Podcasts

Prospects for Easing the Supply Chain Crisis

Prospects for Easing the Supply Chain Crisis

April 06, 2022

Newsletters & Alerts

CED Newsletter, March 15, 2022: New CED Poll of CEOs, Solutions Brief on the US Debt, and More

CED Newsletter, March 15, 2022: New CED Poll of CEOs, Solutions Brief on the US Debt, and More

March 15, 2022

Newsletters & Alerts

CED Newsletter, March 1, 2022: Ukraine Crisis Escalates, Upcoming Trustee Briefings, and More

CED Newsletter, March 1, 2022: Ukraine Crisis Escalates, Upcoming Trustee Briefings, and More

March 01, 2022

Chart

Consumer Confidence Declined for Second Consecutive Month in February

Consumer Confidence Declined for Second Consecutive Month in February

February 23, 2022

Report

Political Economy Factors Point to a Long-Lasting Zero COVID Policy Stance

Political Economy Factors Point to a Long-Lasting Zero COVID Policy Stance

February 22, 2022

Newsletters & Alerts

CED Newsletter, February 22, 2022: Special Webcast on Russia and Ukraine, Upcoming Events, and More

CED Newsletter, February 22, 2022: Special Webcast on Russia and Ukraine, Upcoming Events, and More

February 22, 2022

Brief

January Retail Sales Rise Despite Omicron

January Retail Sales Rise Despite Omicron

February 16, 2022

Chart

Omicron, Inflation, and Fed Dampen US Growth Prospects

Omicron, Inflation, and Fed Dampen US Growth Prospects

February 11, 2022

Brief

2022 Starts with Strong Job Growth

2022 Starts with Strong Job Growth

February 04, 2022

Report

The End of the COVID-19 Public Health Emergency

The End of the COVID-19 Public Health Emergency

April 14, 2023

Report

Lessons For the US from Singapore's Study of Response to COVID-19

Lessons For the US from Singapore's Study of Response to COVID-19

April 04, 2023

Report

What Is the Outlook for Consumption in China Post-zero-COVID?

What Is the Outlook for Consumption in China Post-zero-COVID?

January 20, 2023

Councils

Enterprise Resilience and Crisis Leadership Council

Enterprise Resilience and Crisis Leadership Council

Councils

Enterprise Resilience and Crisis Leadership Council

Enterprise Resilience and Crisis Leadership Council

Conference Board Sample Web Chat
chatbot-Icon TCB Logo
chatbot-Icon
Navigating Washington - Sign up to receive the latest business insights related to executive orders, new laws, and changing regulations.
ABOUT US
  • Who We Are
  • Annual Report
  • Our History
  • Our Experts
  • Our Leadership
  • In the News
  • Press Releases
MEMBERSHIP
  • Become a Member
  • Sign In to myTCB®
  • Access Experts
  • Member-Only Events
  • Data & Benchmarking
  • Manage Account
EXPLORE
  • Centers
  • Councils
  • Latest Research
  • Events
  • Webcasts
  • Podcasts
  • This Week @ TCB
CONTACT US
  • Americas
    +1 212 759 0900
    customer.service@tcb.org
  • Europe/Africa/Middle East
    +32 2 675 5405
    brussels@tcb.org
  • Asia
    Hong Kong | +852 2804 1000
    Singapore | +65 8298 3403
    service.ap@tcb.org
CAREERS
  • See Open Positions
Terms Of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.
Terms of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all data from The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.

Thank you for signing up. You will now receive CEO Insights for What's Ahead every Wednesday morning. You can unsubscribe at any time or manage your preferences to receive more content from The Conference Board.

EVENT PORTAL

Forgot Password | Resend account confirmation

Announcing The Conference Board AI Virtual Conference Series

Explore the Impact of AI on Your Business

Members receive complimentary registration - Learn more >>