Asian productivity surge to boost global economy: ILO
Rising productivity levels in Asia are a boon and not a threat to the world economy, as growing prosperity spurs a demand for products made elsewhere in the world, the International Labour Organisation said today.
By Agencies |
GENEVA: Rising productivity levels in Asia are a boon and not a threat to the world economy, as growing prosperity spurs a demand for products made elsewhere in the world, the International Labour Organisation said today.
The United States remained the most productive economy in 2006 in terms of labour productivity per person, far outstripping its nearest rivals among other developed economies, the ILO said in its "Key Indicators of the Labour Market" report.
US workers added $63,885 of value to the economy per person, way ahead of its nearest competitors Ireland ($55,986), Luxembourg ($55,641), Belgium ($55,235) and France ($54,609).
However, the ILO noted that this is chiefly because Americans work more hours per year than in most other developed countries. When productivity is measured in terms of value added per hour worked, Norway came top with a level of $37.99-- though the US does then come second with $35.63.
East Asia has seen the fastest growth in productivity levels, which have doubled in the decade to 2006, the ILO said. Output per worker was up to one-fifth of the level of industrialised countries in 2006, from one-eighth in 1996.
Some commentators in industrialised countries fear that rising Asian productivity will damage their own markets but the ILO painted the picture of a "virtuous circle" as growing productivity boosts prosperity and thus demand for other products.
The United States remained the most productive economy in 2006 in terms of labour productivity per person, far outstripping its nearest rivals among other developed economies, the ILO said in its "Key Indicators of the Labour Market" report.
US workers added $63,885 of value to the economy per person, way ahead of its nearest competitors Ireland ($55,986), Luxembourg ($55,641), Belgium ($55,235) and France ($54,609).
However, the ILO noted that this is chiefly because Americans work more hours per year than in most other developed countries. When productivity is measured in terms of value added per hour worked, Norway came top with a level of $37.99-- though the US does then come second with $35.63.
East Asia has seen the fastest growth in productivity levels, which have doubled in the decade to 2006, the ILO said. Output per worker was up to one-fifth of the level of industrialised countries in 2006, from one-eighth in 1996.
Some commentators in industrialised countries fear that rising Asian productivity will damage their own markets but the ILO painted the picture of a "virtuous circle" as growing productivity boosts prosperity and thus demand for other products.
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