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International Monetary Fund

from cycles . One puzzling aspect of Italy’s growth performance over the last several years has been the limited response of output growth to the steady increase in labor supply that has accompanied structural reforms. The chapter’s results indicate that, even after correcting for cyclical factors, trend productivity growth—already on a downward slope for decades—has declined further since the mid-1990s, and it remains a drag on growth going forward. Nevertheless, there is also evidence that a significant portion of the very sharp fall in labor productivity over the