Kuijs and Wang (2005), for example, recently update the results of growth accounting
with the latest data. In their account, assuming the output elasticity of labour being 0.5,
they find that compared to 1978-93, the contribution of capital accumulation to GDP
growth increased in 1993-2004, as the capital-output ratio rose from an estimated 2.2 in
1994 to an estimated 2.8 in 2004, reflecting the rapid investment growth in the last
decade, while TFP growth slowed down. When they update the revised GDP data for
1993-2005, they find little deviation in their results. On the basis of new data, for
example, the contribution of capital accumulation was 60 per cent rather than 62 per cent, while TFP growth would be 3 per cent, instead of 2.7 per cent.
Kuijs and Wang (2005), for example, recently update the results of growth accountingwith the latest data. In their account, assuming the output elasticity of labour being 0.5,they find that compared to 1978-93, the contribution of capital accumulation to GDPgrowth increased in 1993-2004, as the capital-output ratio rose from an estimated 2.2 in1994 to an estimated 2.8 in 2004, reflecting the rapid investment growth in the lastdecade, while TFP growth slowed down. When they update the revised GDP data for1993-2005, they find little deviation in their results. On the basis of new data, forexample, the contribution of capital accumulation was 60 per cent rather than 62 per cent, while TFP growth would be 3 per cent, instead of 2.7 per cent.
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