OECD expects real wages to fall


The Organization for Economic Cooperation and Development expects real wages to fall by 2.6 percent.

(Photo: Reuters)

Paris The Organization for Economic Co-operation and Development (OECD) assumes falling real wages. For 2022 will in Germany with a 2.6 percent decline in average real wages an increase in inflation calculated at 7.2 percent.

The decline in this country is somewhat stronger than in the whole OECD-Space. The organization came to this conclusion in a study published in Paris on Friday labour market.

Basically, the situation on the labor market has changed in the OECDcountries reportedly improved further. Because of the Ukraine war, however, future developments are uncertain. The number of job vacancies in the OECD area has thus reached a record level, and labor shortages are increasingly reported in many sectors and countries.

In Germany, the situation on the labor market is good compared to other countries, and the unemployment rate is below the OECD average. The challenge here in Germany is the short working hours: the average number of hours worked per employee is lower than in all other 38 OECD countries and 21 percent lower than the OECD average. For example, if part-time workers worked more, that could dampen inflation and boost growth, the study found.

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