The most devastating ones have laid fertile land barren, reduced the supply of labour and entailed a loss of knowledge. During the Spanish flu pandemic, more than 50 million lives were lost, many of working age. Once the Covid-19 pandemic is over, we will have been through a long period of restrictions on how we spend money, how we get from place to place and how we work. The Covid-19 pandemic will leave behind scars as well. 4  NORGES BANK  Chart 3 Economic growth has fallen Mainland GDP per capita. Contribution to average annual growth 4  4  Productivity Employment GDP per capita  3  3  2  2  1  1  0  0  1970-79  1980-89  1990-99  2000-09  ECONOMIC PERSPECTIVES 18 FEBRUARY 2021  2010-19  Sources: Statistics Norway and Norges Bank  Growth in output per capita has been moving down over several years (Chart 3), and labour input is now growing at a snail’s pace. At the same time, the primary source of growth – productivity – is making a steadily smaller contribution. This is a trend we share with other advanced economies. An underlying driving force – cross-border trade – is showing signs of flattening out. The pandemic could influence these trends. Previously, sharp declines in economic activity have been followed by a persistent rise in unemployment and a lower labour force participation rate.
As you will have so many other matters to discuss, apart from the economy and the euro, you must forgive me for dedicating so much time to my own specific subjects. To conclude, I am sure these present Tertulias will, as in all the previous meetings, be successful, that the participants will enjoy themselves, and that our British friends will have very good memories of this visit to Madrid. Thank you. 2  BIS central bankers’ speeches