From Ireland to Norway, we look at the 8 best productive countries in the world and see why they’re so good at ‘getting it done’.
The simple term of productivity is ‘a way to measure efficiency’ and the amount of ‘output per worker’, so the more a worker produces, the more they contribute to the profits for their company. As productivity is drastically falling in the modern world, with UK productivity 18% below the average of other western economies, there is greater importance to measure productivity when considering a countries economy.
”This data is taken from the OCED ‘‘
Surprisingly, despite the gloom of Brexit potentially clouding any future trade, Ireland has the highest levels of GDP per hour worked at $102. However, it can be argued it’s not surprising at all, as Ireland is home to the ‘Silicon Docks’ which facilitates major tech companies in Europe, including Google, Facebook, Airbnb and LinkedIn and housing over 7,000 technology professionals. This is thanks to Ireland low corporation tax which is just 12.5%
‘GDP Per Hour worked 2018 – $102 ‘
Luxembourg comes in second at $99.9 per hour worked. The countries’ focus on well-being is its catalyst for high productivity growth, including a mandatory minimum of five weeks paid leave and all workers must be compensated for overtime. Luxembourg working has an average working week of 29 hours. Most industries in Luxembourg don’t allow work on Sundays and flexible working hours is a well-known initiative. This model of a well-being focused society has meant Luxembourg has had high levels of productivity for many years now and has proved a successful model which other countries have started to mimic.
‘GDP Per Hour worked 2018 – $99.9′