Global Labor Productivity 2022: Stagnating, But Still Above Pre-pandemic Levels

The Conference Board, Inc., 13 pages, June 7, 2022
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After surging in 2020, global labor productivity—defined as GDP per hour worked—stagnated in 2021 and is forecast to stagnate again in 2022.

Document Highlights

After surging in 2020, global labor productivity—defined as GDP per hour worked—stagnated in 2021 and is forecast to stagnate again in 2022. The lack of productivity growth in 2022 is driven in large part by the impact of the war in Ukraine, with weak output growth but robust labor input growth. Furthermore, lingering effects of the pandemic—driven by slowing growth in goods consumption and service sector activities with below-average productivity levels coming back online —will likely weigh negatively on 2022 growth rates.

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