After a decade of high economic growth averaging over 6 percent per year, potential growth has been falling since 2014. The decline has been driven by a much slower pace of investment and human capital accumulation, but most notably, a decline in total factor productivity growth. In line with the macroeconomic trends, firm-level productivity has worsened, and the decline has been broad-based across the economy. Special corporate tax regimes and labor legislations and regulations have crea
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