productivity growth
Rising worker efficiency
Productivity growth is the rate at which output per unit of input increases over time—how much more efficiently an economy, industry, or firm converts labor and capital into goods and services.
Economists track it as a key indicator of rising living standards: Productivity growth has slowed since the 1970s.
Strong productivity growth allows wages to rise without fueling inflation.
- GDPNational output abbreviation
- automationSelf-operating system design
- interest ratesPrice paid for borrowing
- inflation rateSpeed of rising costs
- innovationCreating something original
education systems · assembly line · investment · resource allocation · digital transformation · tech boom · energy efficiency · robotics · vocational training · artificial intelligence · machine learning · knowledge transfer · time management · operational efficiency · output · workforce development · skill gap · gains