Arbeitspapier
Europe's long-term growth prospects: With and without structural reforms
Even before the financial crisis of 2007/08, there were significant questions about Europe's long-term growth prospects. After a long period of catching up with US levels of labour productivity, euro area productivity growth had, from the mid-1990s onwards, fallen significantly behind. Using data for the period 1970 to 2006, McQuinn and Whelan (2008) identified declining rates of total factor productivity (TFP) growth and weaker capital accumulation as areas for concern in an European context. In updating this earlier analysis, we find that the growth prospects of the euro area have deteriorated further. With TFP growth continuing to fall, Europe's demographics are now also contributing to a decline in the workforce. Against this backdrop, we provide a long-term projection for euro area GDP based on unchanged policies and discuss the possible impacts of certain structural reforms including potential changes in the unemployment rate, pension reform and the successful implementation of a significant wider programme of regulatory reform that boosts TFP growth. We argue that, even with the successful adoption of these measures, the European economy is still likely to grow at a slower pace than it has in the past.
- Sprache
-
Englisch
- Erschienen in
-
Series: ESRI Working Paper ; No. 501
- Klassifikation
-
Wirtschaft
Economic Growth and Aggregate Productivity: General
Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- Thema
-
Growth
Euro Area
Demographics
Structural Reforms
- Ereignis
-
Geistige Schöpfung
- (wer)
-
McQuinn, Kieran
Whelan, Karl
- Ereignis
-
Veröffentlichung
- (wer)
-
The Economic and Social Research Institute (ESRI)
- (wo)
-
Dublin
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- McQuinn, Kieran
- Whelan, Karl
- The Economic and Social Research Institute (ESRI)
Entstanden
- 2015
Ähnliche Objekte (12)
Europe's long-term growth prospects: With and without structural reforms
Do schooling reforms improve long-term health?
Long-term prospects for the world economy
Long-term prospects of CDM and JI
Long-term growth prospects for the Russian economy
Long-term growth prospects for the Russian economy
Long-term care insurance : characteristics, opportunities, and prospects
A long-term evaluation of recent Hungarian pension reforms
Does COVID-19 change the long-term prospects of latecomer industrialisation?
Does COVID-19 change the long-term prospects of latecomer industrialisation?
The Long-Term Effects of Long Terms: Compulsory Schooling Reforms in Sweden
The long-term effects of long terms: Compulsory schooling reforms in Sweden
Europe's long-term growth prospects: With and without structural reforms
Do schooling reforms improve long-term health?
Long-term prospects for the world economy
Long-term prospects of CDM and JI
Long-term growth prospects for the Russian economy
Long-term growth prospects for the Russian economy
Long-term care insurance : characteristics, opportunities, and prospects
A long-term evaluation of recent Hungarian pension reforms
Does COVID-19 change the long-term prospects of latecomer industrialisation?
Does COVID-19 change the long-term prospects of latecomer industrialisation?
The Long-Term Effects of Long Terms: Compulsory Schooling Reforms in Sweden
The long-term effects of long terms: Compulsory schooling reforms in Sweden
Europe's long-term growth prospects: With and without structural reforms
Do schooling reforms improve long-term health?
Long-term prospects for the world economy
Long-term prospects of CDM and JI
Long-term growth prospects for the Russian economy
Long-term growth prospects for the Russian economy
Long-term care insurance : characteristics, opportunities, and prospects
A long-term evaluation of recent Hungarian pension reforms
Does COVID-19 change the long-term prospects of latecomer industrialisation?
Does COVID-19 change the long-term prospects of latecomer industrialisation?
The Long-Term Effects of Long Terms: Compulsory Schooling Reforms in Sweden