In terms of labor productivity, Japan is now in last place in the Group of Seven, which also includes the UK, Germany, Italy, Canada, the US and France, Report informs referring to Ukrainska Pravda.
According to this indicator, it has fallen to 30th place among the 38 members of the Organization for Economic Cooperation and Development (OECD), this is the lowest level in the country's history, according to a report distributed by the Japanese Productivity Center.
For many years Japan has been ranked approximately 20th in the OECD ranking. However, in the last four years, the country has begun to lose ground dramatically in terms of labor productivity.
An average worker in Japan now produces goods and services worth $52.2 per hour. At the same time, Ireland, which is in first place in the OECD in this indicator, reaches $154.1. Japan's labor productivity does not even reach the average level in the organization, which is $65.2 per hour.
The US leads the Group of Seven in this indicator ($89.8). The country ranks ninth in the OECD.
According to experts from the productivity center, the decline in Japan's indicator is due to insufficient efforts to digitalize the economy and the slow pace of wage increases.
