The rapid rise in employment fostered in recent years by wage moderation, the regularization of many immigrant workers and labour market reforms has produced a natural, and expected, slowdown in the rate of productivity growth.
On top of this, however, the overall efficiency of the economy has deteriorated, as evidenced by the recent decline in total factor productivity, the only instance in the industrialized world. The situation is rendered even more worrying by the demographic scenario for the next decades.