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The main constraint for Croatia's long-term economic growth is the growth of productivity, and not demographic problems the country, together with Central and Southeast Europe (CSE), faces.
“It took years before computers started affecting the economy, but the current technological revolution should become visible in the statistics quicker,” believes Professor Matilde Mas.
Labor costs have been rising at the fast rate, but they still are only 12.6 per cent of the operating costs. Poland has large pockets of underpaid labor in the economy, says Piotr Boguszewski, PhD.
Poles work 24.4 per cent less hours than Americans. In the United States the employees not only work more, but are also more likely to work on weekends and in evenings.
The slowdown of productivity is a fact, said Professor Adam Glapiński, Governor of Poland's central bank NBP, during the 8th Annual NBP Conference on the Future of the European Economy.
Europe needs productivity growth, said Hans Peter Lankes, Managing Director for corporate strategy at the European Bank for Reconstruction and Development.
The Polish economy is not innovative. To change this, a comprehensive and cohesive system of support for innovation is needed.