Boosting productivity in the United Kingdom's service sectors:
The United Kingdom has been among the most affected OECD economies by the COVID-19 crisis, reflecting the high share of services in output and its integration in the world economy. Productivity growth in the United Kingdom has consistently underperformed relative to expectations and was more disappo...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2020
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1629 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The United Kingdom has been among the most affected OECD economies by the COVID-19 crisis, reflecting the high share of services in output and its integration in the world economy. Productivity growth in the United Kingdom has consistently underperformed relative to expectations and was more disappointing than in most other OECD economies since at least the global financial crisis. Sluggish productivity growth in the service sectors was the main factor behind this weak performance. Raising productivity will help to sustain employment and wages but will require a broad range of policies. Keeping low barriers to trade and competition in the UK service sectors will create a supportive environment for strong productivity performance. Prioritising digital infrastructure in the allocation of the planned increase in public investment is expected to bring large productivity dividends. Reviewing the system of support to small firms in the light of the COVID-19 crisis will help to re-prioritise resources towards young innovative firms. Further increasing public spending on training to develop the digital skills of low-qualified workers, which have been particularly affected by the COVID-19 crisis, will be a double-dividend policy, boosting productivity and lowering inequality. |
| Beschreibung: | 1 Online-Ressource (54 p.) |
| DOI: | 10.1787/78f4022e-en |
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| spelling | Mourougane, Annabelle VerfasserIn aut Boosting productivity in the United Kingdom's service sectors Annabelle, Mourougane and Eun Jung, Kim Paris OECD Publishing 2020 1 Online-Ressource (54 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1629 The United Kingdom has been among the most affected OECD economies by the COVID-19 crisis, reflecting the high share of services in output and its integration in the world economy. Productivity growth in the United Kingdom has consistently underperformed relative to expectations and was more disappointing than in most other OECD economies since at least the global financial crisis. Sluggish productivity growth in the service sectors was the main factor behind this weak performance. Raising productivity will help to sustain employment and wages but will require a broad range of policies. Keeping low barriers to trade and competition in the UK service sectors will create a supportive environment for strong productivity performance. Prioritising digital infrastructure in the allocation of the planned increase in public investment is expected to bring large productivity dividends. Reviewing the system of support to small firms in the light of the COVID-19 crisis will help to re-prioritise resources towards young innovative firms. Further increasing public spending on training to develop the digital skills of low-qualified workers, which have been particularly affected by the COVID-19 crisis, will be a double-dividend policy, boosting productivity and lowering inequality. Economics United Kingdom Kim, Eun Jung MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/78f4022e-en Volltext |
| spellingShingle | Mourougane, Annabelle Boosting productivity in the United Kingdom's service sectors Economics United Kingdom |
| title | Boosting productivity in the United Kingdom's service sectors |
| title_auth | Boosting productivity in the United Kingdom's service sectors |
| title_exact_search | Boosting productivity in the United Kingdom's service sectors |
| title_full | Boosting productivity in the United Kingdom's service sectors Annabelle, Mourougane and Eun Jung, Kim |
| title_fullStr | Boosting productivity in the United Kingdom's service sectors Annabelle, Mourougane and Eun Jung, Kim |
| title_full_unstemmed | Boosting productivity in the United Kingdom's service sectors Annabelle, Mourougane and Eun Jung, Kim |
| title_short | Boosting productivity in the United Kingdom's service sectors |
| title_sort | boosting productivity in the united kingdom s service sectors |
| topic | Economics United Kingdom |
| topic_facet | Economics United Kingdom |
| url | https://doi.org/10.1787/78f4022e-en |
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