Earlier quoted context omitted.
As long as the measure of productivity corresponds to something physical (which even bits on a harddisk are), then an exponential increase in productivity (as we have seen in the past) would eventually require humanity and its products to form a sphere whose radius grows faster than the speed of light. Do you agree that that is a pretty hard limit?
I think you may have skipped some steps... Could you fill in the middle a bit? I'm confused.
PS: 1% growth per year seems slow and sustainable but in 20,000 years your talking about 2.7 with 86 zeros after it. Start with 1 atom for one second and compare it with every atom in the earth for a year and your only at 4.2 with 57 zeros. So if the total economic output of humanity was 1 atom we could not sustain 1% economic growth per year for 30,000 years.
Edit: This assumes that the economy is based on physical goods, if we assume intangibles can take up 99.99...9% of the economy then 1% growth is possible for long periods of time even if it's somewhat meaningless.