Dropping productivity hurts global economic growth potential: Report

BEIJING - The downward trend of global productivity since the global financial crisis has lowered long-term world growth potential, a report said Saturday.

From 2008 to 2016, the world's total factor productivity (TFP) dropped by 0.4 percent each year, in contrast to average growth of 0.9 percent in 1999-2007, said the report jointly released by the China Center for International Economic Exchanges and the State Think Tank of Xinhua News Agency, citing data from the Conference Board, a global research association.

"The new industrial revolution has not raised TFP or global demand," the report said.

The foundation for world economic recovery is still weak, as the International Monetary Fund forecast of 2018-2022 world average growth at 3.7 percent is still lower than the 4.2 percent average growth for 1998-2007, it said.