Assessing the impact of total factor productivity on the economic growth of Lam Dong province and proposing solutions
Keywords:
Economic growthAbstract
Total factor productivity (TFP) is an important indicator reflecting the efficiency and sustainable development of the economy. Based on the growth accounting method and statistical data, this study assesses the impact of TFP on the economic growth of Lam Dong province in the 2016-2023 period, showing that TFP has increased significantly with an average growth rate of 2.38% per year. Additionally, TFP plays an important role in contributing to the province’s economic growth, with a contribution of 38.02% during this period and showing an increasing trend. By its nature, TFP is influenced by many factors including labour quality, economic restructuring, capital investment efficiency, technological progress, growing consumer demand. The results of assessing the current status of total factor productivity and analysing the factors affecting the total factor productivity of Lam Dong province in the period of 2016-2023 are used as a basis for proposing solutions to promote the economic development of the province in the coming period.
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References
[1] R. Solow, T. Swan (1956), “A contribution to the theory of economic growth”, Quarterly Journal of Economics, 70, pp.65-94.
[2] Lam Dong Provincial Statistics Office (2023), Statistical Yearbook 2023 (in Vietnamese).
[3] Organization for Economic Cooperation and Development (2001), Measuring Productivity OECD Manual, Measurement of Aggregate and Industry - Level Productivity Growth, OECD Publications.
[4] Vietnam National Productivity Institute (2023), Vietnam Productivity Report 2023 (in Vietnamese).
[5] Vietnam Chamber of Commerce and Industry (2023), Competitiveness Index 2023 (in Vietnamese).
[6] Vietnam National Productivity Institute (2023), Report on The Topic: Current Status of Total Factor Productivity (TFP) Contribution to Economic Growth in The Period 2016-2022 and Solutions to Increase TFP in Lam Dong Province by 2030 (in Vietnamese).
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