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Deindustrialization, Structural Change and the European Productivity Dilemma

Georg Duernecker
CESifo, Munich, 2024

EconPol Forum 25 (3), 19-22
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  • Aggregate productivity growth in the EU14 has slowed significantly in recent decades
  • Structural change toward services has contributed significantly to the growth slowdown
  • Future growth is projected to decline further due to the rise of sectors with stagnant productivity
  • Europe is projected to fall further behind the US in terms of productivity
  • R&D tax credits may not cure Europe’s productivity malaise due to negative reallocation effects

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