SYDNEY - The OECD on Friday warned declining global productivity will usher in a new and extended era of low growth unless there are major structural reforms.
Its new "Going for Growth" report identifies infrastructure shortages and slowing trade activity as key problems -- issues that will be in focus at the G20 meeting of finance ministers and central bank governors in Sydney this weekend.
"The widespread deceleration in productivity since the (global financial) crisis could presage the beginning of a new low-growth era," the Organisation for Economic Cooperation and Development said.
"The global economy's momentum remains sluggish, heightening concerns that there has been a structural downshift in growth rates compared with pre-crisis levels.
"These concerns, already prevalent among advanced OECD countries for some time, now encompass emerging-market economies and are fuelled also by high unemployment and falling labour force participation in many countries."