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At the same time, some traditional sources of growth are declining in importance. Many countries have stagnating or declining populations, and this reduces the role of labour input in long-term economic growth. Moreover, investments in physical capital face diminishing returns and may be insufficient to strengthen long-term growth, especially in advanced economies. Innovation, which involves the introduction of a new or significantly improved product, process or method, will increasingly be needed to drive growth and employment and improve living standards. This is true as well for emerging economies that look to innovation as a way to enhance competitiveness, diversify their economy and move towards more high value added activities.