02052cas a2200229 a 4500 AALejournalIMF017529 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475589672 2617-6750 BD-DhAAL BD-DhAAL Gone with the Headwinds : Global Productivity. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (98 pages) Staff Discussion Notes <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Productivity growth-the key driver of living standards-fell sharply following the global financial crisis and has remained sluggish since, adding to a slowdown already in train before. Building on new research, this note finds that the productivity slowdown reflects both crisis legacies and structural headwinds. In advanced economies, the global financial crisis has led to 'productivity hysteresis'-persistent productivity losses from a seemingly temporary shock. Behind this are balance sheet vulnerabilities, protracted weak demand and elevated uncertainty, which jointly triggered an adverse feedback loop of weak investment, weak productivity and bleak income prospects. Structural headwinds-already blowing before the crisis-include a waning ICT boom and slowing technology diffusion, partly reflecting an aging workforce, slowing global trade and weaker human capital accumulation. Reviving productivity growth requires addressing remaining crisis legacies in the short run while pressing ahead with structural reforms to tackle longer-term headwinds. Mode of access: Internet Staff Discussion Notes; Staff Discussion Notes ; No. 2017/004 Full text available on IMF http://elibrary.imf.org/view/journals/006/2017/004/006.2017.issue-004-en.xml IMF e-Library