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Vital Signs: Why has growth slowed globally? It has something to do with technology

By Richard Holden, Professor of Economics, UNSW
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Even before COVID-19 hit, Australia was experiencing slow growth in GDP per capita and real wages.

There has been a distinctly lower rate of both economic and real wages growth since the financial crisis of 2008-09.

Advanced economies around the world have, to varying degrees, witnessed the same trends. If anything, Australia has done slightly better than other countries.

Why has growth slowed globally? That’s a real question.

What theory tells us

Basic economic theory tells us GDP per capita is driven by technological progress.

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