OECD countries: Can growth be sustained?

Long-term growth in the OECD is weakened because: Total factor productivity (we introduce three factors of production: capital, employment and energy) is growing slowly; Energy consumption is at least going to have to stabilise to meet the international climate commitments; Population ageing is slowing labour force growth. The only positive mechanism is the rise in the participation rate (the proportion of the working-age population in the labour market), which is boosting labour force growth. P otential growth in the OECD is 1.6% per year thanks to this rise in the participation rate ; without it, given the constraints above, it would be only 0.7% per year.