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Productivity's Lost Decade – and How to Avoid Another

Without improvements to productivity, economic growth will slow also. Stronger productivity is the key to higher living standards because wages will not rise in the long term without any underlying improvements in the production process. Ultimately, the recovery will not be secure and living standards will not rise sustainably without productivity growth.

Strong GDP and employment growth throughout 2013 has highlighted productivity’s continued weakness. At the onset of the recession in Q1 2008, productivity initially fell. However, it has not recovered and remains 4% below the pre-crisis peak on an output per hour basis. Productivity has now fallen back to where it was in Q4 2005. Without improvements, we will have lived through almost a decade of stagnant productivity.

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Adam Memon & Tim Knox - Friday 14th February 2014

Adam joined the Centre for Policy Studies as Head of Economic Research in January 2014. 

Adam joined the Centre for Policy Studies as Head of Economic Research in January 2014. 

Tim Knox was Director of the CPS from 2011-2017. Before he was Director, Tim was the Editor at the CPS - a position in which he was responsible for publishing papers by every Conservative leader since Mrs Thatcher as well as by hundreds of leading academics and opinion formers.