A detailed article from the Board of Directors published Friday:
Figure 1 shows that the US has returned to the pre-Covid trend, while other economies have not (shame poor UK, shaken by Covid and Brexit).
From the conclusion:
Our analysis indicates that the growth divergence between the United States and the TFA countries is the result of various factors, including differences in monetary and fiscal policies, variations in labor and capital market institutions, and different specific shocks. to each region. It is currently difficult to determine to what extent exactly the divergent performances are explained by each individual element. Overall, our analysis suggests that structural factors play a role in how different economies have responded to cyclical policies, and cautions us against interpreting recent productivity developments as reflecting only permanent changes between savings.
