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Korea’s labor productivity is ranked 17th among 22 member nations of the Organization for Economic Cooperation and Development, according to the OECD report released on Sunday.
According to the report, Korea’s gross domestic product per hour worked stands at $34.30, a rise by $1.40 from the previous year.
Despite a steady rise since 2011, it is still lower than $47.80 of Spain whose gross domestic product is similar to Korea and is around 38 percent of Ireland’s $88, which tops the labor productivity list.
Working hours per person in Korea were 2,069 hours in 2016, which was 305 hours longer than the average of 1,764 hours among OECD member nations. This means Koreans work at least more than one hour every day excluding holidays.
“Despite Korea’s being the 11th-largest nation in economic size, its significantly longer working hours (compared to other nations) appear to lower labor productivity,” said Yoon Chang-hyun, a professor of University of Seoul’s business college.
By Shin Ji-hye (shinjh@heraldcorp.com)
According to the report, Korea’s gross domestic product per hour worked stands at $34.30, a rise by $1.40 from the previous year.
Despite a steady rise since 2011, it is still lower than $47.80 of Spain whose gross domestic product is similar to Korea and is around 38 percent of Ireland’s $88, which tops the labor productivity list.
Working hours per person in Korea were 2,069 hours in 2016, which was 305 hours longer than the average of 1,764 hours among OECD member nations. This means Koreans work at least more than one hour every day excluding holidays.
“Despite Korea’s being the 11th-largest nation in economic size, its significantly longer working hours (compared to other nations) appear to lower labor productivity,” said Yoon Chang-hyun, a professor of University of Seoul’s business college.
By Shin Ji-hye (shinjh@heraldcorp.com)
