Assessing the impact of total factor productivity on economic growth of Lam Dong province and proposing solutions

Abstract

Total factor productivity is an important indicator reflecting the efficiency and sustainable development of the economy. Through the growth accounting method and based on statistical data sources to assess the impact of Total factor productivity on the economic growth of Lam Dong province from 2016 to 2023, it shows that Total factor productivity  has increased significantly with an average growth rate of 2.38% per year; total factor productivity plays an important role in contributing to the province's economic growth, with a contribution of 38.02% during this period and is on an increasing trend. With the nature of total factor productivity, total factor productivity is affected by many factors, such as: labour quality, economic restructure, capital structure, technical progress, demand intensity... The results of assessing the current status of total factor productivity and analysing factors that affecting Total factor productivity in the period of 2016-2023 are used as a basis to propose solutions to promote economic development of Lam Dong province in the coming time.