Japan’s productivity ranks lowest in G7
Japan is ranked last for labour productivity in the Group of Seven, which also includes the UK, Germany, Italy, Canada, the US and France. According to this indicator, it dropped to 30th place among the 38 members of the Organisation for Economic Co-operation and Development (OECD) – the lowest level in the country’s history, TASS reports
According to a report distributed by the Japanese Productivity Centre, for many years Japan has been ranked approximately 20th in the OECD ranking. However, in the last four years, the country has begun to sharply lose ground in terms of labour productivity.
An average worker in Japan currently produces $52.20 worth of goods and services per hour. At the same time, Ireland – ranked first in the OECD for this indicator – reaches $154.1. It is reported that Japan’s labour productivity does not even reach the average level in the organisation, which stands at $65.2 per hour.
In the G7, the US takes the lead in this indicator ($89.8); in the OECD it is placed ninth.
Productivity Centre experts believe that Japan’s decline is due to insufficient efforts to digitalise the economy and the slow pace of wage increases.
