经合组织警告：商业投资疲软正拖累全球经济增长

Group 1 - The core issue affecting global economic growth is the long-term decline in corporate investment, which has not recovered to pre-crisis levels after the financial crisis and COVID-19 pandemic [1] - OECD data shows that the median net investment of OECD countries as a percentage of GDP has dropped from approximately 2.5% before the 2008 financial crisis to 1.6% currently, with the pandemic further exacerbating this decline [1][2] - Only Israel and Portugal have exceeded pre-financial crisis investment levels, while only six countries, including Canada, Italy, and Australia, have higher investment levels than before the pandemic [2] Group 2 - Policy uncertainty is identified as a major factor discouraging corporate investment, with various global events such as trade policies, the pandemic, and geopolitical conflicts contributing to this uncertainty [2] - A study by OECD indicates that a one standard deviation increase in policy uncertainty could lead to a 1 percentage point decrease in corporate investment growth within a year [2] - If the current high level of uncertainty persists, global actual investment is projected to shrink by an additional 1.4 percentage points by the end of next year [2] Group 3 - Despite strong growth in digital and knowledge-based investments, there is a concerning trend of weak physical asset investment, leading to a continuous decline in the ratio of net investment to GDP [3] - Many companies are prioritizing shareholder returns, such as dividends and stock buybacks, over capital investments, which is evident in various countries [3] - A notable example is the UK water industry, where over one-third of the funds were distributed as dividends instead of being reinvested in infrastructure improvements [3]