After a sharp decline in 2020 due to the COVID-19 pandemic, labour productivity rebounded in 2021 by 2.4%. Productivity growth slowed in 2022, increasing by only 0.5%. However, even before the onset of the COVID-19 pandemic, productivity growth had been slowing around the world. The latest estimates extend the downward growth trend, from an average annual rate of 1.8% between 2000-14 to 1.4% between 2015-22.

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