This bodes well for job creation. Favorable external debt profile acts as a cushion against external shocks. External debt-to-GDP ratio settled at 27.3 percent as of end-September 2021, compared with about 60 percent in mid-2000s.
14 I think a good case can be made for the view that the strong productivity growth of the post1995 era will persist for some time. The rate of technology growth appears to be proceeding apace, and further diffusion of already existing technologies and applications to more firms and industries should continue to boost productivity.