AI and labor shortages are driving changes to global economies.
Share on linkedin Over the last 15 years, weak capital investment in rich countries has held back productivity growth. But that may be about to change.The pathway to higher incomes and standards of living rests on economies finding ways to deploy their labor forces more productively.
The McKinsey report finds that global labor productivity growth was 2.3% a year from 1997 to 2022, a rapid rate that has increased incomes and quality of life in large parts of the world. Rapid advances in manufacturing technology, especially for electronics, petered out in the same time period, subtracting another $5,000 from per-capita GDP.
The rise in global interest rates and inflation are evidence of stronger global demand. Many countries are experiencing labor shortages that may incentivize more productivity-enhancing investment. And artificial intelligence and related technologies create big opportunities.
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