This share prices have a 15 minute delay and are shown in the local time of the market in which the quote is displayed.
Labour market outlook in OECD´s countries
The 2022 edition of the OECD Employment Outlook reviews the key labour market and social challenges for a more inclusive post-COVID‑19 recovery. While the recovery post COVID-19 crisis was stronger than expected, the labour market progress remains uneven across countries and groups of workers and it has been undermined by the current cost of living crisis and the uncertain economic outlook. The report provides some recommendations to governments to cope with the increasingly difficult current context and a detailed country-by-country analysis.
Main take aways from the report:
- Labour market conditions continued to improve across the OECD in the first half of 2022: 57 million jobs were lost as the Covid-pandemic and 66 million new jobs were created in OECD countries since the beginning of the recovery post-COVID.
- Tight labour markets and a shortage of workers have been a defining characteristic across much of the OECD: in June 2022, OECD countries registered an overall net gain of over 9 million jobs compared to pre-pandemic levels. Labour shortages have been particularly intense in some low-pay sectors, such as food and accommodation.
- Despite increasing labour market tightness, nominal wage growth generally remains well below the high inflation of the first half of 2022, causing real wages to fall. The risk of a wage-price inflationary spiral is lower than in the past. Key structural changes in the labour markets in recent decades – namely, the removal of wage indexation and an increase in employer market power – now mean less upward pressure on wages The decline in the real value of wages is expected to continue over the course of 2022.
- The impact of rising inflation on real incomes is larger for lower-income households. Data from the six largest European countries show the bottom fifth of households by income have had to increase household expenditure by about 50% more than the top fifth in response to the supply shocks in energy and food.
- The report recommends three areas where governments could focus on to minimise the negative impacts on the most vulnerable:
- Strengthening collective bargaining is key to ensuring a fair distribution of the inflation shock between workers and employers.
- Targeted support for low-income groups from rising energy and food prices even as their wages stagnate – and provide support for those most exposed to high debt levels and rising interest rates.
- Better employment reskilling and training services
Filter results
According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.
According to @iee_org, Spain has one of the most demanding tax environments for businesses within the European and international context, which may have significant implications for competitiveness, foreign investment attraction, and business expansion.
According to Christine Lagarde for the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens and building a robust capital markets union.
According to the Bank of Spain, in a context of strong growth in transactions and prices, the conditions under which new mortgage loans are granted currently show no signs of easing in lending standards.
McKinsey notes that European private capital is half the size of the U.S. and must play a key role in boosting competitiveness, by driving innovation, scaling firms, and mobilizing the investment needed to close the gap with other regions.
IMF states that global financial stability risks have grown significantly, driven by tighter financial conditions and heightened trade and geopolitical uncertainty.