Figure 7: China is not really a productivity 'miracle'
Total factor productivity growth, smoothed trend rate (% per annum)
0%1%2%3%4%5%6%7%8%Productivity growh per year (%)
Relative level of development
(output per worker as a share of the US level at the time)
  • Singapore
  • Japan
  • Hong Kong
  • Taiwan
  • Korea
  • China
Source: authors’ estimates, using baseline growth accounting model (see appendix)