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Tuesday, April 26, 2022
CHART: US continues to lead global productivity race
Among major economies and regions, the United States has
the highest rate of production of goods and services per hour worked,
with only a few small European economies outperforming it. Productivity
rates in most parts of the world are well below the US’. Indeed,
according to research conducted by The Conference Board, nearly 75% of
the global population lives in economies where productivity rates are
below the global average of US$21.6 per hour worked.
In the past, there was a mixed record of other economies catching up
with US productivity leadership. Major European economies converged
towards and in some cases exceeded US rates in the 1990s, but have
since fallen behind. Japan also saw convergence with the US wane around
that time. Among major emerging economies, some have fallen further
behind the US, such as Mexico and Brazil, while others (particularly in
Asia) continue to converge. Productivity rates in large Asian economies
such as China, India and Indonesia are still well below the US’s (about
10-20 percent), suggesting substantial catchup potential remains.
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