The following two charts, from that great McKinsey Global Institute study I mentioned earlier, do a good job of illustrating the productivity challenge facing advanced economies, including the United States. If you want to grow as fast in the future as in the past, productivity growth is key to offset a demographic headwind: McKinsey further breaks down the growth challenge, and highlights how automation can help: GDP growth was exceptionally brisk over the past half century, driven by the twin engines of employment growth and rising productivity. However, declining birthrates and the trend toward aging in many advanced and […]
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