In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by Reuters reports that, based on Goldman Sachs analysis, the United States’ output is surging despite the pandemic largely due to its digitization efforts. Read on.
“The COVID-19 pandemic has prompted businesses to rapidly digitize their operations, leading to a surge in productivity in the United States, Goldman Sachs analysts said.
Since the health crisis began, annualized growth in output per hour has risen 3.1%, a big jump from the 1.4% growth recorded in the previous business cycle, the analysts said.
“Stronger productivity growth has been one of the silver linings of the pandemic,” economist Jan Hatzius wrote in a note dated Monday.”