Figure 10: Sources of future growth deceleration to 2050
Baseline projection to 2050 relative to recent trend growth, % per annum
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
6.4
Pre-Covid trend
-1.5
Business capital
-0.9
Labour growth
-0.4
Public capital
-0.4
Housing
-0.4
Productivity growth
-0.2
Education
2.5
Future growth
Source:
authors’ projections, using baseline growth accounting model (see appendix)