Abstract:

The most important determiner of the differences in living standards between countries is the level of efficiency. Although the growth rate of labour efficiency in many developed economies has dropped before the global crisis, the slowdown in the growth of efficiency has begun to attract more attention after the crisis. Is the post-crisis stagnation in labour efficiency only the problem of the developed economies, or are the developing economies also affected by this problem? In the G20 study, the G20 economies are seeking answers to this question. The study found that not only in the developed economies of the G-20, but also in the developing economies, labour efficiency slowed after the crisis. Again, in the G-20, a large number of developed economies and in some developing economies, such as Turkey, has been found that the use of labour has been accelerated after the crisis. Another conclusion of the study is that G20’s growth contribution to the developed economies, from the window of demographic opportunities, is now over. But this is not just the problem of advanced economies. In some developing G20 economies, such as China and Russia, the growth of the demographic opportunity window has now ended. The study also revealed that the demographic return in Turkey is closer to the boundaries. In terms of growth dynamics in the upcoming period, it is clear that the demographic opportunity window closed in Turkey will be one of the topics to be discussed.

Abstract:

The level of productivity is the main determinant of differences in standard of living between countries. Although labour productivity had already decelerated in many developed economies, productivity slowdown has been rising noticeably after global economic crisis. In this study, focusing on G-20 economies, tried to explore whether labour productivity slowdown is a matter only for developed economies or also is a problem for developing economies after the crisis. The study finds that labour productivity has been decelerating not only in developed G-20 economies, but also in developing G-20 economies after the global economic crisis. The study also reveals that after the crisis many high-income economies in G-20 and some developing economies such as Turkey accelerated labour utilization. Another finding, the contribution to growth that comes from demographic window of opportunity has already closed for developed G-20 economies. But this is the problem not only for developed economies. The demographic dividend has also ended in some developing G-20 economies such as China and Russia. The study also concluded that Turkey is also approaching the limits of demographic dividend. In the following period, this will be an important debate topic in Turkey, in terms of economic growth dynamics.

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