生产力动态和长期增长：列支敦士登公国

Productivity Dynamics andLong-Run Growth Principality ofLiechtenstein Tara Iyer and Andinet Woldemichael SIP/2026/033 IMF Selected Issues Papersare prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on March5, 2026. This paper isalso published separately as IMF Country Report No 26/68. 2026APR IMF Selected Issues PaperEuropean Department Productivity Dynamics and Long-Run Growth, Principality of LiechtensteinPrepared by Tara Iyer and Andinet Woldemichael Authorized for distribution by Kazuko ShironoApril 2026 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on March5, 2026. This paper is also published separately as IMF Country Report No. 26/68. ABSTRACT:This Selected Issues Paper analyzes productivity and long-run growth in Liechtenstein. Despiteamong the highest labor productivity levels in Europe, growth has been weak over an extended period, leadingto declining relative performance. Sectoral differences persist between high-productivity manufacturing andlower-productivity services. Long-run growth is constrained by demographic pressures, skills shortages,reliance on cross-border commuters, and infrastructure bottlenecks, despite strong private innovation. Thepaper concludes that sustaining high living standards will require targeted structural reforms, includingupgrading human capital, expanding labor supply, strengthening public-private innovation partnerships, andimproving physical and digital infrastructure. RECOMMENDED CITATION:Iyer, Tara and Woldemichael, Andinet. 2026. “Productivity Dynamics and Long-Run Growth.” IMF Selected Issues Papers, SIP/2026/033. Washington D.C. International Monetary Fund. Productivity Dynamics and Long-Run Growth Principality ofLiechtenstein Prepared by Tara Iyer and Andinet Woldemichael PRINCIPALITY OFLIECHTENSTEIN SELECTED ISSUES ApprovedByEuropean DepartmentPrepared ByTara Iyer(EUR) and Andinet Woldemichael(STA) PRODUCTIVITY DYNAMICS AND LONG-RUN GROWTH ___________________________2 A. Introduction _________________________________________________________________________2B. Sectoral Analysis of Productivity _____________________________________________________3C. Drivers of Long-Run Growth _________________________________________________________4D. Reform Options______________________________________________________________________8E. Conclusion ___________________________________________________________________________9 FIGURES 1. Aggregate Productivity Trends in Liechtenstein ______________________________________22. Sectoral Productivity Trends__________________________________________________________33. Private Sector R&D Investment and Productivity _____________________________________44. Intellectual Property (IP) and Productivity ____________________________________________55. Structural Labor Market Characteristics ______________________________________________66. Labor Supply by Gender and Age ____________________________________________________7 References____________________________________________________________________________ 10 PRODUCTIVITY DYNAMICS AND LONG-RUN GROWTH This Selected Issues Paper examines the drivers of productivity and long-run growth in Liechtenstein.Although productivity levels remain among the highest in Europe, growth has slowed amid factorsincluding demographic pressures and skills shortages. Further, relative productivity has been decliningover the past two decades, presenting potential long-term competitiveness issues. The analysis pointsto the need for continued structural reforms including labor supply expansion, human capitalupgrading, innovation support, and infrastructure reforms. A.Introduction 1.Labor productivity in Liechtenstein is among the highest in Europe, but productivitygrowth has been weak for an extended period.High labor productivity reflects an export-oriented, highly specialized manufacturing and financial sectors, and a growth model that reliesheavily on skilled cross-border commuters. In level terms, productivity—measured by real GDP perfull-time equivalent (including cross-border commuters)1—remains comparable to Switzerland andabove most European peers. However, productivity growth has been limited for more than twodecades, and relative productivity has declined compared with peer economies, includingSwitzerland and the United States (Figure 1). GDP per worker has remained broadly flat over thisperiod, and these patterns are observed across business cycles, suggesting a prolonged structuralslowdown rather than cyclical weakness. Figure 1. Aggregate Productivity Trends in Liechtenstein …while relative productivity vis a vis the U.S. has declinedmore sharply than comparator economies. Productivity in Liechtenstein is hig