The increase in productivity is an essential factor of economic growth and, consequently, constitutes an essential condition for improved living standards, even if it is not sufficient on its own. Increasing productivity and economic growth also allow for necessary political flexibility needed to achieve a more sustainable, inclusive and resilient economy, particularly amidst the backdrop of a crisis.
The impact of the COVID-19 crisis on productivity growth, estimated on the basis of preliminary data, has been positive. However, the slowdown caused by the economic and financial downturn in 2008 has yet to be turned around. Consequently, the National Productivity Board (NPB) stresses the importance of entrepreneurial dynamism and innovation to stimulate productivity growth. The challenge consists in aligning policies with these two levers to support economic growth post-COVID-19 and to ensure greater economic resilience. In 2021, the NPB also conducted an assessment of the Recovery and Resilience Plan and its impact on productivity growth.