26
Recent Growth Experience

Fig. 26.1 shows the annual average real GDP growth in the last five years of the Summers & Heston data ( 1984-8) for the sixteen countries for which I have union density data. The sample average growth rate is 3.14 per cent. There are eight countries with below average growth, Austria, Belgium, Denmark, France, Germany, the Netherlands, Sweden and Switzerland. The eight above average growth countries are Australia, Canada, Finland, Italy, Japan, Norway, the UK and the USA. Italy, Finland, Canada and Switzerland are very close to


TABLE 26.1. Factors Explaining Growth Differences in 16 OECD Countries from 1984-1988
Variable Low growth
group
average
High growth
group
average
t-test for
no inter-
group
difference
Real GDP growth 2.408% 3.876% 6.92
Investment (%GDP) 23.827 25.439 0.69
Growth of govt
consumption
-0.011 -0.125 0.31
Std. deviation of inflation 0.160 0.106 2.72
Union density in 1985 50.72 44.26 0.51
Change in union density
from 1975 to 1985
-0.041 -0.076 0.39
CD centralization index
(Low number means
more centralized)
6.875 11.125 1.74
Note: Low growth group is Austria, Belgium, Denmark, France, Germany, Netherlands, Sweden and Switzerland. High growth group is Australia, Canada, Finland, Japan, Italy, Norway, UK and USA.

-178-

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