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Mr. Sakai Ando
Although GDP growth in the Netherlands has recently been stronger than in peer countries, the main contributor has been the growth in labor. If GDP is divided by labor, productivity growth appears to have been slower than in peers. This chapter discusses both exogenous and endogenous factors behind the disappointing productivity growth in the Netherlands and derives policy implications.
Mr. Il Houng Lee and Mr. Yougesh Khatri
The contribution of the information and communication technology (ICT) sector to growth in Asian economies is clearly evident from the expenditure side (net exports) and became particularly significant in the second half of the 1990s. This paper employs an extension of the standard growth accounting framework, using estimates of stock of ICT capital (hardware, software, and telecommunications equipment), to estimate the direct contributions to growth. The contribution of ICT to growth in Asia during the 1990s is found to be mainly from capital deepening. Total factor productivity (TFP) is also decomposed (using the dual-or revenue-based-approach) into the contributions of non-ICT capital stock, ICT capital stock, and labor. TFP growth is found to be relatively small in most Asian countries.
International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses the recommendations made by the IMF missions on the balance of payments and international investment position dynamics in Costa Rica. In view of the results of the economic survey, the mission recommended that the Central Bank of Costa Rica (BCCR), in cooperation with the Ministry of Finance, follow up with respondents to raise awareness of the importance of reporting transactions by residency. Regarding the work on secondary income, the mission observed that the BCCR has a reliable estimate of income of seasonal and border workers in Costa Rica. It is expected that the BCCR will be able to collect information on pensions received by foreign residents who retire in Costa Rica.
International Monetary Fund
Using official data from the Australian Bureau of Economic Statistics and a formal growth accounting framework, this paper shows that the rapid accumulation of information processing and communication technology (ICT) capital over the last two decades in Australia has played a significant role in explaining the impressive, structural acceleration of labor productivity. The following statistical data are also included: household income, expenditure and savings, labor market, fiscal indicators, credit aggregates, capital and financial account, external assets and liabilities, export by commodity group, and so on.
International Monetary Fund
Finland has undergone a fundamental structural shift from a resource-based to a knowledge-based economy. The productivity surge in the dynamic information and communications technology sector fueled a strong export-driven recovery. However, the optimism of the past year has dissipated, as the global slowdown takes its toll especially on the high-tech sector, including international market leaders such as Nokia. This paper assesses the services sector and its potential for employment creation, in particular in the area of personal services and other services with low skill requirements.
International Monetary Fund
We explore the role of business services in knowledge accumulation and growth and the determinants of knowledge diffusion including the role of distance. A continuous-time model is estimated on several European countries, Japan, and the United States. Policy simulations illustrate the benefits for EU growth of the deepening of the single market, the reduction of regulatory barriers, and the accumulation of technology and human capital. Our results support the basic insights of the Lisbon Agenda. Economic growth in Europe is enhanced to the extent that: trade in services increases, technology accumulation and diffusion increase, regulation becomes both less intensive and more uniform across countries, and human capital accumulation increases in all countries.
Mr. Emre Alper and Michal Miktus
Higher digital connectivity is expected to bring opportunities to leapfrog development in sub-Saharan Africa (SSA). Experience within the region demonstrates that if there is an adequate digital infrastructure and a supportive business environment, new forms of business spring up and create jobs for the educated as well as the less educated. The paper first confirms the global digital divide through the unsupervised machine learning clustering K-means algorithm. Next, it derives a composite digital connectivity index, in the spirit of De Muro-Mazziotta-Pareto, for about 190 economies. Descriptive analysis shows that majority of SSA countries lag in digital connectivity, specifically in infrastructure, internet usage, and knowledge. Finally, using fractional logit regressions we document that better business enabling and regulatory environment, financial access, and urbanization are associated with higher digital connectivity.