Moving on to the fundamental issue of productivity, the report carries out a very detailed analysis of the somewhat puzzling fall in aggregate productivity growth in the aftermath of the crisis. This holds true for non-financial companies in both advanced countries and, above all, EMEs.
The firm-level analysis highlights a structural change in the evolution of productivity across companies and sectors: from a single cutting-edge group of “incumbent” companies  2  BIS central bankers’ speeches  displaying high levels – but low or negative growth rates – of productivity to the emergence of a second group of “high-growth” companies characterised by faster productivity growth.