Report
When the employment rate stabilises in the euro zone, will productivity gains pick up again?
Part of the stagnation of labour productivity in the euro zone is probably explained by the rise in the employment rate, since this rise mainly concerns unskilled workers. The key question is: when the employment rate stops rising, will productivity gains return? This is not certain, as the stagnation of productivity is explained by causes other than the rise in the employment rate: insufficient investment in new technologies and R&D spending; an ageing and low-skilled workforce. If the end of the rise in the employment rate is not accompanied by a return of productivity gains, potential growth in the euro zone will become negative when it occurs.
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Natixis
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