Worldwide productivity expanded 1.8 percent last year, the weakest in a decade outside the 2008-2009 recession, and won’t recover much this year, according to the Conference Board.
Productivity growth weakened from 2.3 percent in 2011 and 3.6 percent in 2010, the New York-based research group said in a report published today. Productivity will remain soft this year, growing 1.9 percent, according to the report.
“In 2013 and beyond, productivity will be key to the performance of the global economy,” Bart van Ark, the organization’s chief economist, said in the report.
Last year’s productivity weakness was attributed more to declining output than to labor-market performance, the Conference Board said.
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