With a long-term projection of TFP growth of 0.2 per cent, a gradual decline in the work-age population and a static average workweek, we project a “baseline” average real GDP growth rate in the euro area of just 0.6 per cent over the next decade — even if the unemployment rate and investment share of GDP return to their pre-crisis levels by 2020.
ESRI Series Number: 201659 Research Area:Macroeconomics Date of Publication: December 22, 2016 Published Online: December 22, 2016 Publisher: Springer View External Link
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