Report
The stagnation and then decline in labour productivity dates from mid-2017 in the euro zone: This eliminates many explanations for this stagnation
The stagnation and then decline in labour productivity in the euro zone are often explained by the mechanisms linked to the COVID crisis: massive introduction of part-time work, when the economy picked up again in 2021, hiring difficulties that encouraged companies not to lay off employees , even when overstaffed; massive aid to companies that multiplied the number of zombie firms. But the problem is that productivity stagnation in the euro zone dates back to mid-2017, two and a half years before the COVID crisis began. There are probably other explanations for the stagnation of productivity in the euro zone: insufficient investment in new technologies and R&D spending, shorter working hours, and increased absenteeism. Actually, these developments, which make productivity gains difficult, began in 2017.
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Natixis
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Patrick Artus
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