one Extensive board articles Released on Friday:
Figure 1 illustrates the fact that the US has returned to pre-COVID trends, while other economies have not yet (poor poor Britain, hit hard by COVID and Brexit).
From the conclusion:
Our analysis shows that growth differences between U.S. and African economies are due to a variety of factors, including differences in monetary and fiscal policies, differences in labor and capital market institutions, and different region-specific shocks. It is currently difficult to judge the extent to which each individual factor explains the different performance. Overall, our analysis shows that structural factors play a role in the way different economies respond to cyclical policies and cautions against interpreting recent productivity developments as reflecting only permanent changes across economies.
