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The decoupling of median wages from productivity, sometimes known as the great decoupling, [1] is the gap between the growth rate of median wages and the growth rate of GDP per person or productivity. Erik Brynjolfsson and Andrew McAfee highlighted this problem toward the end of the twentieth century and the beginning of the twenty-first ...
In its latest World Economic Outlook, the IMF projected global growth of 3.3% in both 2025 and 2026, and said global headline inflation was set to drop to 4.2% in 2025 and 3.5% in 2026, allowing a ...
The growth is steady but unimpressive: From 2000 to 2019, the world economy grew faster – an average of 3.7% a year. The Washington-based lending agency expects the world economy to grow 3.3% ...
The World Bank noted that growth has been decelerating for years in the developing world – from a robust average of 5.9% a year in the 2000s to 5.1% in the 2010s to just 3.5% in the 2020s.
This movement of resources from lower- to higher-productivity activities is a key driver of economic development. [3] Within-sector productivity growth (also called ′sector transformation') entails the adoption of new technologies and management practices that increase the efficiency of production.
The adjustments to the industrial sector as a result of the early reform policies have been attributed to a nominal increase in GDP growth. However, the economic effects of the COVID-19 pandemic impacted demand growth in China's domestic consumer market, which has slowed the effects of continued supply-side reforms.
Eventually high productivity growth in manufacturing reduced the sector size, as prices fell and employment shrank relative to other sectors. [86] [87] The service and government sectors, where output per hour and productivity growth is low, saw increases in their shares of the economy and employment during the 1990s. [8]
Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development".