Productivity growth drives long-term living standards, and boosting economic growth in the future will increasingly depend upon improvements in multifactor productivity. However, productivity has slowed in many developed countries, raising concerns about prospects for the future which could seriously affect the pace of economic growth in developing economies including Asia. To address the ongoing pessimistic view of continued slow growth, the OECD report on the Future of Productivity identifies three policy areas that appear to be of key importance to sustaining productivity growth:
1) foster innovation at the global level and facilitate the diffusion of new technologies to firms at national levels;
2) create a market environment where the most productive firms are allowed to thrive, thereby facilitating the more widespread penetration of available technologies; and
3) reduce resource misallocations, particularly skill mismatches. Achieving sustainable productivity therefore increasingly depends on the development of knowledge, innovations, and scientific and technological advances coupled with public policies that lead to social, economic, and environmental improvements in the long run.
For the APO, raising sustainable productivity is a fundamental challenge for its member countries to go forward amid the challenges faced within and outside the region. More than ever, productivity remains the main driver of future growth and prosperity. Against this backdrop, MPC with support of APO has organised this forum to generate recommendations on how to strengthen the governance of institutions devoted to enhancing sustainable productivity and improving the design and implementation of productivity policies while taking into account specific national contexts. The forum also fosters international cooperation between public bodies responsible for promoting sustainable productivity-enhancing policies and serves as a platform for participants to exchange information and data, discuss best practices and advances in the knowledge and technology-driven economy through research findings, and undertake practical discussions on positioning productivity growth at the global level.
This forum has brought together stakeholders with global perspectives to share experiences, address policy challenges to productivity growth, and discuss the implementation of productivity enhancing policies. Specifically, the forum serves as a platform to:
a. Review the trends in and the future of global sustainable productivity;
b. Analyze sources of productivity growth in a knowledge- and technology-driven economy;
c. Understand the role of public institutions and policies in enhancing productivity; and
d. Discuss best practices and frontier-research findings on productivity.