What about labor productivity worldwide? In Western Europe, labor productivity is much higher than in Eastern Europe. Economies based on services usually have higher labor productivity. The highest labor productivity is observed in Ireland ($125.09), followed by Norway ($100.33) and Switzerland ($82.92).
The lowest labor productivity in Europe is in Bulgaria ($26.55), followed by Russia ($29.55) and Croatia ($32.26).
In Asia, the highest labor productivity is in Singapore ($54.55), followed by Hong Kong ($49.12) and Taiwan ($46.01). The lowest labor productivity in Asia is in Cambodia ($3.43), followed by Bangladesh ($4.79) and Myanmar ($5.15).
Interestingly, China has one of the lowest labor productivity rates in Asia, despite being one of the largest economies in the world. This is because China still heavily depends on the production and export of goods made using cheap labor. Additionally, Chinese companies, especially state-owned ones, are known for their inefficiency.
Prepared by: Ruslan Sultanov, economist
