These factors are therefore not analyze

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The determinants of labor productivity gains are very diverse (see, for example, the reports of the National Productivity Council ). Technological progress and the accumulation of capital, including human capital through education and qualification, are very often emphasized. Other structural transformations may have played a role in the recent period, or could in the years to come, such as the decarbonization of the economy, artificial intelligence, the degree of competition, trade openness, or even teleworking. This post is not intended to study these very broad questions. That being said, there is no obvious a priori reason to think that these factors could have had such a different impact on the French economy that they could account for the specific French dropout analyzed here.d further here, even if it cannot be excluded that they could also play a role if their effect were very different in France compared to our partners.

Indeed, developments since 2019 mark a French break beyond what is observed elsewhere in Europe. In other comparable European countries , productivity per capita has certainly also disappointed a little, but it has mom database recovered more clearly after the health crisis, being around 1 point below its pre-crisis trend in 2023. This observation is also valid for hourly productivity. It contrasts with the United States: productivity per capita in 2023 is 5% above its 2019 level (Figure 3) . Several causes have been put forward in the literature to explain this European drop (CNP, 2023), such as differences in energy prices and the direction of budgetary policies, or more structurally, differences in investment in research and development (R&D) and intangible assets, or even the level of regulation, which may notably reflect different preferences in terms of risk tolerance. Since these problems are largely common to all European countries, this break in the trend observed on average among our neighbors, whatever its cause, explains part of the French slowdown.