Recent Labour Market Developments and Overview of the Publication
Abstract:Although the financial market turmoil might have passed its peak, its fallout will continue to act as a brake on growth in the OECD area for considerable time to come. GDP growth slackened in the second half of 2007 and is projected to slow further during the next two years in the OECD area, albeit in a differentiated manner across countries. Overall, employment growth continued moderately strong in 2007, but is projected by the OECD to slow significantly during the next two years. It is projected that 33 million persons will be unemployed in 2008 in the OECD area, up from 32 million in 2007. Against this background, the growth in real compensation per employee should slow down in 2008 in the majority of OECD countries and be broadly in line or below productivity gains. After discussing recent labour market developments and short‐term prospects, the following pages provide a brief overview of the content of Chapters 1‐5 of this publication.
Document Type: Review Article
Publication date: July 1, 2008