Analysis cited by the OECD indicates that about half of this slowdown is due to weak capital stock growth – reflecting both lower investment since before the GFC, and higher rates of depreciation arising from the growing share of ICT and intangibles in total investment.
The other half of the slowdown is attributed to lower growth in total factor productivity (TFP), reflecting weaknesses in the spread of innovation through the economy, in business dynamism, and in product market reform.