This means that productivity growth will mainly be propelled by technological progress. 5/7  BIS central bankers' speeches  One factor to be considered when it comes to labour productivity is that physical and cognitive capacities deteriorate after a certain age, though this can be offset by experience. As the saying goes: young people run faster, but seniors know the shortcuts.
Another factor is that as society ages, parts of the value added chain will shift from goods production to the services sector, moving chiefly into the long-term care sector. This also tends to dampen productivity growth, however, because experience has shown that service providers are less productive than the production sector.