Inclusive economic growth in enhancing global productivity (review of OECD report "The Productivity-Inclusiveness Nexus")

Abstract

The review covers OECD report "The Productivity-Inclusiveness Nexus". Modest global economic growth is closely related to lagging labour productivity caused by growing barriers experienced by economic agents in accessing markets and resources. The key massage of the report is a call for changing the economic growth model to more inclusive productivity growth that enables people invest on the skills and provides an environment where all firms have a fair chance to succeed. Inclusive economic growth model primary aims at improved living standards and opportunities for all parts of society, especially low income. This aim implies implementation of the package of structural transformations, the key idea of which is that acceleration in productivity growth should be supplemented by reduction of income inequality and ensuring that all individuals are equipped to fulfilling their productive potential.