Global Productivity Brief 2023
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 consent to the use of cookies. 

Global Productivity Brief 2023

May 08, 2023 | Report

After surging in 2020, global labor productivity—defined as real GDP per hour worked—disappointed in subsequent years and is forecast to expand only modestly in 2023. Even for firms with above-average productivity performance, weak macro-productivity figures should be a cause for concern because of their impact on global economic growth.

Insights for What’s Ahead

  • Most of the weakness in global labor productivity growth is in mature economies, particularly the US and Europe, where growth is weakening rapidly but labor demand is still buoyant. Emerging economies should fare better, particularly in Asia.
  • Slow productivity growth rates limit the growth potential of economies globally, due to adverse demographics limiting further increases in labor supply.
  • While productivity growth is forecast to disappoint in 2023, the future is highly uncertain. Positive factors that might spur growth include technological breakthroughs; negative factors include heightened economic and geopolitical uncertainty and the overall increasing cost of capital.

AUTHOR

Klaasde Vries

Former Senior Economist
The Conference Board


OTHER RELATED CONTENT

RESEARCH & INSIGHTS

NATO at 75; Ukraine Update

NATO at 75; Ukraine Update

July 17, 2024 | Brief

Global Forecast Update

Global Forecast Update

July 11, 2024 | Brief

UK and French Elections

UK and French Elections

July 10, 2024 | Brief

WEBCASTS

CED Policy Watch

CED Policy Watch

August 15, 2024

Economy Watch

Economy Watch

September 11, 2024

CED Policy Watch

CED Policy Watch

September 19, 2024

PRESS RELEASES & IN THE NEWS

hubCircleImage