The sluggishness of global productivity growth has been a puzzle for more than a decade. Amid a drastic shift in inflation, interest rates, and global competitiveness, solving it has become increasingly urgent. Today, the world needs productivity growth more than ever, as substantial challenges lie ahead. To explore this, MGI hosted a virtual event on the new report, Investing in productivity growth.
The webcast started with a presentation on the research findings by report author Chris Bradley, followed by a panel discussion moderated by Olivia White with:
- Nathan Sheets, Global Chief Economist, Citigroup
- Erik Brynjolfsson, Professor at the Institute for Human-Centered AI (HAI), and Director of the Digital Economy Lab, Stanford University
The panel discussed the factors behind the global productivity slowdown, and whether investments, including in digital and other technologies such as AI, can unleash the next wave of productivity growth. The themes of the discussion included:
- The effects of hybrid work on productivity and how technology and innovation might impact the future of how we work.
- The potential implications of geopolitical shifts and trade tensions on global productivity growth and how countries might navigate these challenges.
- How businesses and country leaders can leverage the opportunities that digital and AI present.
- How policymakers can strike a balance between allowing a hot economy to run and preventing overheating that could lead to economic instability.
- The challenges or barriers that prevent businesses from investing in productivity-enhancing technologies and innovation and what it would take for businesses to invest more.
For more on this topic, please watch the virtual event recording and read our report, Investing in productivity growth.