2023-07-30 18:13:26
According to a report published by the Banque de France, France is experiencing a very significant decline in productivity compared to neighboring countries. A situation that threatens the country’s economic growth.
Indeed, the value added per job, which makes it possible to calculate productivity, fell by 3.2% between 2019 and 2022. In Spain, it fell by only 2.2%, compared to 0.4% in Germany. . As for Italy, as surprising as it may seem, productivity has increased. Thus, in Europe, France is the country where productivity has fallen the most over this period.
A drop that will have negatively impacted price competitiveness, given that productivity is an element that determines the ability of an economy to offer services and produce quality goods at competitive costs. This drop in productivity will make it difficult for companies to compete in international markets, thus impacting overall economic growth.
Although the reasons for this increased decline in productivity have not been explained, there are undeniable elements that might explain this observation. These include, in particular, technological advances and the continuous training of workers.
Productivity growth will pick up in 2026
Although the figures are alarming, the Banque de France expects a recovery in productivity growth from 2026. However, it remains necessary to closely monitor the evolution of productivity and to put in place a policy to promote its growth.
Without a recovery in growth, the economic situation might deteriorate, especially in the long term. ” It is the productivity gains that allow for growth and improve the standard of living “, explains the economist and head of the employment and income from activity department at theInsee, Vladimir Passeron. And to continue: If the decline in productivity is long-lasting, this induces less growth, less income, particularly within the company, and therefore less wages to redistribute ».
Therefore, it will be difficult for companies to increase the salaries of their employees. It is also for this reason that the evolution of remuneration is relatively slow in France, compared to other countries.
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