China’s economy grew 6.2% year-on-year in the second quarter of 2019, the slowest pace in almost 3 decades. The new growth figure continues a long-term trend of decelerating Chinese growth: More recent data on industrial production and retail sales tell a similarly grim tale.[1] Explanations for this slowdown (whose beginning predates the fairly recent US-China …
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The Productivity Puzzle
Across the world, labour productivity – output per hour worked – has been growing at a historically low rate for about a decade. This slowdown has been particularly pronounced in advanced economies, as seen in the figures below. Figure 1 Source: Conference Board[1] ‘All Mature Economies’ includes the US, the EU and Euro-Area, Australia, Canada, …
The Deep Narrative 