This came out at the end of June in the BIS annual report, but we’ve only just caught up with it thanks to investor/analyst/author Jonathan Tepper’s Tweet. It’s worth your attention:The related commentary notes:Weaker investment in recent years has coincided with a slowdown in productivity growth. Since 2007, productivity growth has slowed in both advanced economies and EMEs (Graph III.8, centre panel). One potential factor behind this decline is a persistent misallocation of capital and labour, as reflected by the growing share of unprofitable firms. Indeed, the share of zombie firms – whose interest expenses exceed earnings before interest and taxes – has increased significantly despite unusually low levels of interest rates (right-hand panel).7The BIS dubs a zombie company any firm
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This came out at the end of June in the