If you work 40hrs/wk for 52 weeks, you will have worked 2080 hrs for the year. So who works the longest and who works the least in 38 major countries (China not included)?*
Who works the longest? Turns out it is Mexico (2,237 hrs/yr), South Korea (2,i63 hrs/yr), and, surprise, Greece (2.060hrs/yr). A problem with Greece is that only about 52% of the labor force works. In contrast 60.5% of the Mexican labor force works and 61.5% (rank 21 out of 38 major countries) of the South Koreans (rank 7).
Then who works the least? Surprise. In 38th and last place is Germany at 1,362 hrs/yr, followed by Norway at 1,408 hrs/yr and Netherlands at 1,421 hrs/yr. Germany has about 60.3% of the work force occupied (20th place), Norway at 71.2%(!) (3rd place), and Netherlands at 65.2% (10th place). Who beats Norway for work force participation - Sweden at 71.5% (1,607 hrs/yr), and at Number 1 Iceland at 81.4% (1,846 hrs/yr).
The hottest economies were Latvia, Chile and Turkey, all at 4.2% increase in GDP during 2013. Not surprisingly, Greece had the worst economic performance with a 3.9% decline in GDP, followed by Italy at -1.7% and Portugal at -1.6% (because it is mentioned so much,Spain declined by 1.2%).
Well, where was the U.S. in this? We ranked 16th in hours-worked/year (1,788 hrs/yr), 9th in GDP gain at 2.2%, and 13th in work force participation (63.2%).
* http://blogs.wsj.com/economics/2015/07/10/are-americans-working-less-than-the-rest-of-the-world/?mod=djemRTE_h
Tuesday, July 14, 2015
WHO WORKS THE MOST AND LEAST?
Labels:
Chile,
GDP,
Germany,
Greece,
hours worked per year,
Iceland,
Italy,
Latvia,
Mexico,
Netherlands,
Norway,
Portugal,
South Korea,
Spain,
Sweden,
Turkey,
US,
workforce participation
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