The document discusses labour market challenges and opportunities in the Baltic countries. It finds that labour shortages have again become an important obstacle to business expansion in the region. While unemployment rates are low, structural factors like skill mismatches still account for a significant portion of unemployment. The document examines both external and domestic sources that could help address labour shortages, such as immigration from neighboring countries with lower wages, increasing participation rates among underrepresented groups, and improving vocational training programs.
Presentation by Uldis Rutkaste, Head of Monetary Policy Department, Latvijas ...Latvijas Banka
- Investment in Latvia, as measured by gross fixed capital formation, declined significantly after the global financial crisis and has not fully recovered. Private sector investment activity, in particular, has been anemic.
- Latvian companies rely relatively little on capital markets for financing and have low levels of debt compared to other EU countries. Bank lending to businesses and households in Latvia is among the lowest in the EU.
- Weaker lending activity may have negatively impacted investment and economic growth in Latvia over the past four years according to models from Latvijas Banka. Investment trends across asset classes also support these findings.
Labour Market Changes due to the PandemicsLatvijas Banka
Latvijas Bankas ekonomista Oļega Krasnopjorova 2021. gada 27. maija prezentācija “Labour Market Changes due to the Pandemics” Latvijas Kristīgās Akadēmijas starptautiskajā seminārā
Employment and labour market during and after covid 19 pandemicLatvijas Banka
The document discusses the impact of the Covid-19 pandemic on employment and labor markets in the Baltic countries, particularly Latvia. It finds that while the overall impact has been limited so far, it varies significantly by sector, occupation, and population group, with low-income workers being most affected. This could increase structural unemployment and inequality without government intervention. The document also notes that long-term labor market challenges like skill mismatches and high structural unemployment predated the pandemic and still need to be addressed through measures like improving education and healthcare, promoting lifelong learning, and activating groups with low employment.
This document provides an economic survey and recommendations for Lithuania conducted by the OECD. It summarizes that while incomes and GDP have been converging with OECD averages, unemployment has declined, and exports have been robust, poverty remains high. Key recommendations include reducing social security contributions for low-income workers, increasing property taxes exempting low-income households, and strengthening vocational education and training to promote more inclusive growth.
- Young people in Latvia were hit hard by the Great Recession, with high unemployment and inactivity rates among youth. While youth unemployment has declined, large regional disparities remain.
- Not in employment, education, or training (NEET) youth tend to face multiple disadvantages such as low education, health problems, and less advantaged family backgrounds. NEET rates are higher for those in late 20s, with basic education levels, and from non-Latvian ethnicities.
- Latvia's vocational education system suffers from a lack of attractiveness and high dropout rates. Work-based training opportunities need to be expanded, potentially through an apprenticeship system with clear standards and compensation for students.
Trends Shaping Education 2016 provides an overview of key economic, social, demographic and technological trends and raises pertinent questions about their potential impact on education. This compilation makes use of a variety of robust international sources of data, including the OECD, the World Bank and the United Nations.
Presentation by Uldis Rutkaste, Head of Monetary Policy Department, Latvijas ...Latvijas Banka
- Investment in Latvia, as measured by gross fixed capital formation, declined significantly after the global financial crisis and has not fully recovered. Private sector investment activity, in particular, has been anemic.
- Latvian companies rely relatively little on capital markets for financing and have low levels of debt compared to other EU countries. Bank lending to businesses and households in Latvia is among the lowest in the EU.
- Weaker lending activity may have negatively impacted investment and economic growth in Latvia over the past four years according to models from Latvijas Banka. Investment trends across asset classes also support these findings.
Labour Market Changes due to the PandemicsLatvijas Banka
Latvijas Bankas ekonomista Oļega Krasnopjorova 2021. gada 27. maija prezentācija “Labour Market Changes due to the Pandemics” Latvijas Kristīgās Akadēmijas starptautiskajā seminārā
Employment and labour market during and after covid 19 pandemicLatvijas Banka
The document discusses the impact of the Covid-19 pandemic on employment and labor markets in the Baltic countries, particularly Latvia. It finds that while the overall impact has been limited so far, it varies significantly by sector, occupation, and population group, with low-income workers being most affected. This could increase structural unemployment and inequality without government intervention. The document also notes that long-term labor market challenges like skill mismatches and high structural unemployment predated the pandemic and still need to be addressed through measures like improving education and healthcare, promoting lifelong learning, and activating groups with low employment.
This document provides an economic survey and recommendations for Lithuania conducted by the OECD. It summarizes that while incomes and GDP have been converging with OECD averages, unemployment has declined, and exports have been robust, poverty remains high. Key recommendations include reducing social security contributions for low-income workers, increasing property taxes exempting low-income households, and strengthening vocational education and training to promote more inclusive growth.
- Young people in Latvia were hit hard by the Great Recession, with high unemployment and inactivity rates among youth. While youth unemployment has declined, large regional disparities remain.
- Not in employment, education, or training (NEET) youth tend to face multiple disadvantages such as low education, health problems, and less advantaged family backgrounds. NEET rates are higher for those in late 20s, with basic education levels, and from non-Latvian ethnicities.
- Latvia's vocational education system suffers from a lack of attractiveness and high dropout rates. Work-based training opportunities need to be expanded, potentially through an apprenticeship system with clear standards and compensation for students.
Trends Shaping Education 2016 provides an overview of key economic, social, demographic and technological trends and raises pertinent questions about their potential impact on education. This compilation makes use of a variety of robust international sources of data, including the OECD, the World Bank and the United Nations.
Slovenia 2017 OECD Economic Survey Boosting investment through better skills ...OECD, Economics Department
The OECD Economic Survey of Slovenia 2017 document makes the following key points in 3 sentences:
The Slovenian economy is rebounding from a long recession, but further investment is needed to boost productivity through improving skills development and reducing regulatory burdens. Unemployment is declining but long-term joblessness remains high, and the country faces fiscal challenges from an aging population that threaten debt sustainability if not addressed. The survey makes recommendations in areas like education, the labor market, state-owned enterprises, and regulation to support higher growth and living standards in Slovenia.
Latvijas ekonomiskā situācija, darba tirgus un prognozesLatvijas Banka
Latvijas Bankas ekonomista Oļega Krasnopjorova prezentācija, kas izmantota 2019. gada 23. maijā Rīgā notikušā starptautiskā seminārā par darba tirgus izaicinājumiem.
The document summarizes key findings from a review of youth employment in Lithuania conducted by the OECD. It notes that Lithuania's youth population is declining due to low fertility rates and youth migration. Youth were hit hard by the economic crisis, with high unemployment and inactivity rates. Some groups, like young women and those with low education, face greater challenges. The review examines job quantity and quality issues for youth, such as skills mismatches and informal employment. It recommends policies like reducing costs for employers to hire youth, implementing a differentiated minimum wage, strengthening income support, and expanding active labor market programs.
The document is the OECD Employment Outlook 2015 which contains selected figures on employment trends in OECD countries. It finds that the jobs recovery from the financial crisis remains incomplete, with unemployment remaining above pre-crisis levels in most countries. Long-term unemployment has increased significantly across OECD nations. Skills and education strongly influence wage inequality and differences in wages between groups. Improving job quality, including earnings, security, and working conditions, presents an ongoing challenge especially for emerging economies.
Making Gender Targets Count: Time for G20 Leaders to DeliverGabriela Ramos
The document discusses gender targets set by the G20 to reduce the gender gap in labor force participation rates by 25% by 2025. It provides background on analysis by the OECD showing the economic benefits of addressing gender gaps. Considerable progress has already been made in many G20 countries towards meeting the target ahead of schedule. The OECD will continue monitoring progress on the target and promoting gender equality policies through its work.
Rehabilitation within the Earnings-related Pension Scheme 2018Eläketurvakeskus
The share of under-45-year-olds returning to work after rehabilitation grew by five percentage points during the five follow-up years. Seven out of ten were in working life three years after their rehabilitation ended, statistics of the Finnish Centre for Pensions shows.
Changing Labour Markets, Life-Course and Pensions Conference 19 may 2017 - pr...Eläketurvakeskus
In which ways do labour market flexibilisation and subsequent life-course effects challenge pension provision and how do pension systems respond to such challenges? The conference, organized by the Finnish Centre for Pensions, brought together top researchers and professionals to debate this highly topical issue. Keynotes: Anna D’Addio, Joakim Palme, Traute Meyer, Dirk Hofäcker, Kathrin Komp
How’s Life? 2015 describes the essential ingredients that shape people’s well-being in OECD and other major economies. It includes a wide variety of statistics, capturing both material well-being and quality of life. This third edition includes a special focus on child well-being, on volunteering and on inequalities in well-being across different regions within countries.
The document provides an economic survey of Spain by the OECD. It summarizes that while growth has been robust, unemployment remains high. Productivity growth has stagnated and regional disparities exist. It provides recommendations to boost productivity, reduce inequality and regional disparities through measures like increasing spending on training, reducing barriers to entrepreneurship, strengthening innovation policies, and ensuring social benefits are portable across regions. Maintaining structural reforms, fiscal consolidation, and pension reforms are also recommended to ensure sustainable and inclusive growth.
The document summarizes the OECD's review of Slovenia's labor market policies and outcomes. It finds that while Slovenia's employment rates recovered after declining in 2008, they remain low for some groups. Long-term unemployment is high, revealing structural problems. The OECD recommends strengthening requirements for unemployment benefits recipients, activating jobseekers earlier, improving individual support for disadvantaged groups, and promoting longer working lives through pension reforms. The most important areas for change are tackling long-term unemployment, enabling more support for hard-to-place jobseekers, improving work incentives for benefit recipients, and coordinating labor activation efforts between the Employment Service and Social Work Centers.
The document summarizes a presentation given by Stefano Scarpetta on building inclusive labour markets in Kazakhstan. It focuses on three groups: youth, older workers, and people with disabilities. For youth, it recommends strengthening public employment services, investing more in active labour market policies and skills training. For older workers, it suggests improving lifelong learning, ensuring adequate pensions, and encouraging employers to hire older individuals. Finally, it proposes reducing barriers for people with disabilities to enter the labour market.
Estonia is experiencing low unemployment due to an aging workforce. While employment rates are high, company profits are not increasing at the same rate as wages. The average pension in Estonia is 370 euros and healthcare is free for retirees and the unemployed. Unemployment fell in 2017 to 5.8% from 6.8% in 2016 as the labor participation rate increased, particularly among older workers. However, youth unemployment remains high at over 10%.
Despite recent efforts to equalize the treatment of men and women in the pension system design in many countries, the gender gap in pensions persists. This gap contributes to old-age income inequality in Europe and beyond. The interplay of pension and family policies has a major impact on mitigating the gender gap in pensions.
This document summarizes the 2017 OECD Economic Survey of Iceland. It finds that Iceland has made a remarkable economic recovery since the 2008 financial crisis. Unemployment and inflation are now low, and growth is the fastest in the OECD due to increases in tourism and favorable terms of trade. However, rapid growth also brings challenges, like overheating and rising housing prices. The report provides recommendations to preserve macroeconomic stability, make tourism more sustainable and inclusive, and improve effective and inclusive labor relations.
Czech republic 2018-oecd-economic-survey-towards-more-sustainable-and-inclusi...OECD, Economics Department
The document provides an overview of the Czech Republic's economy and environmental performance based on reports from the OECD. It finds that the Czech economy is thriving with low unemployment and inflation around the target rate. However, productivity remains low compared to the OECD average. The population is aging, which will increase spending on pensions and healthcare. The health system performs well but could be improved by shifting to primary care, reducing hospitalization, and promoting healthy lifestyles. Key recommendations include addressing labor shortages, preparing for an aging society, and improving the healthcare system through payment reforms, reducing overuse of hospitals, and increasing the healthcare workforce.
The document provides an economic survey and environmental performance review of the Czech Republic by the OECD. It finds that the Czech economy is thriving with low unemployment and inflation around the target rate. However, productivity remains low and an aging population will increase age-related spending pressures. The health care system performs well but is hospital-centered with high rates of doctor consultations. Environmental performance is mixed, with good results on some sustainable development goals but high carbon intensity relative to GDP. Key recommendations include addressing labor shortages, pension and tax reforms, improving health care delivery and financing, and reducing carbon emissions.
Every person aspires to a good life. But what does “a good or a better life” mean? The second edition of How’s Life? paints a comprehensive picture of well-being in OECD countries and other major economies, by looking at people’s material living conditions and quality of life across the population. In addition, the report contains in-depth studies of four key cross-cutting issues in well-being that are particularly relevant: how has well-being evolved during the global economic and financial crisis?; how big are gender differences in well-being?; how can we assess well-being in the workplace?; and how to define and measure the sustainability of well-being over time?
Netherlands 2016 OECD Economic Survey unleashing productivity The Hague 3 MarchOECD, Economics Department
The document is a 2016 OECD Economic Survey of the Netherlands that discusses several key economic indicators and policies. It finds that while the Dutch economy has recovered from the global financial crisis and unemployment is decreasing, productivity growth has been flat. It recommends boosting private investment, increasing support for research and development, and strengthening skills training particularly for immigrants and disadvantaged groups to help unleash productivity. Overall the survey provides an assessment of the Dutch economy and policy areas that could be improved to further support growth, employment, and living standards.
The document compares various economic and social statistics of the United Kingdom to OECD averages. It finds that the UK has an GDP per capita slightly below average, an older population with fewer youth, and higher life expectancy. The UK spends more on education as a percentage of GDP but less on R&D, pensions, and debt is lower than OECD averages. Unemployment is close to average while youth unemployment is higher, and the UK has higher income inequality.
Human capital as the key to economic developmentLatvijas Banka
This document discusses human capital as the key driver of economic development in Latvia. It finds that while Latvia's population and workforce are projected to decrease in the coming decades, there are still substantial internal labor reserves that could be activated, such as among the young and upper-middle aged men. Improving health outcomes and reducing excess mortality is identified as the most promising way to stop depopulation trends. Additionally, public spending on education and healthcare in Latvia has been modest and outcomes could be improved by increasing efficiency. Attracting high-skilled immigration through improved quality of life is also discussed but perceived livability in Riga does not yet lead to mass immigration.
The impact of pandemics on labour market in Latvia Latvijas Banka
The document discusses the impact of the COVID-19 pandemic on Latvia's labor market in three key points:
1) Overall, the impact has been limited so far, but it varies significantly by sector, occupation, and population group, with low-income workers most affected.
2) Without government support programs, unemployment would be almost double current rates.
3) Younger workers experienced more job losses, while employment in sectors like healthcare and education remained stable for older groups. Certain sectors like tourism saw sharp declines compared to increases in technology jobs.
Slovenia 2017 OECD Economic Survey Boosting investment through better skills ...OECD, Economics Department
The OECD Economic Survey of Slovenia 2017 document makes the following key points in 3 sentences:
The Slovenian economy is rebounding from a long recession, but further investment is needed to boost productivity through improving skills development and reducing regulatory burdens. Unemployment is declining but long-term joblessness remains high, and the country faces fiscal challenges from an aging population that threaten debt sustainability if not addressed. The survey makes recommendations in areas like education, the labor market, state-owned enterprises, and regulation to support higher growth and living standards in Slovenia.
Latvijas ekonomiskā situācija, darba tirgus un prognozesLatvijas Banka
Latvijas Bankas ekonomista Oļega Krasnopjorova prezentācija, kas izmantota 2019. gada 23. maijā Rīgā notikušā starptautiskā seminārā par darba tirgus izaicinājumiem.
The document summarizes key findings from a review of youth employment in Lithuania conducted by the OECD. It notes that Lithuania's youth population is declining due to low fertility rates and youth migration. Youth were hit hard by the economic crisis, with high unemployment and inactivity rates. Some groups, like young women and those with low education, face greater challenges. The review examines job quantity and quality issues for youth, such as skills mismatches and informal employment. It recommends policies like reducing costs for employers to hire youth, implementing a differentiated minimum wage, strengthening income support, and expanding active labor market programs.
The document is the OECD Employment Outlook 2015 which contains selected figures on employment trends in OECD countries. It finds that the jobs recovery from the financial crisis remains incomplete, with unemployment remaining above pre-crisis levels in most countries. Long-term unemployment has increased significantly across OECD nations. Skills and education strongly influence wage inequality and differences in wages between groups. Improving job quality, including earnings, security, and working conditions, presents an ongoing challenge especially for emerging economies.
Making Gender Targets Count: Time for G20 Leaders to DeliverGabriela Ramos
The document discusses gender targets set by the G20 to reduce the gender gap in labor force participation rates by 25% by 2025. It provides background on analysis by the OECD showing the economic benefits of addressing gender gaps. Considerable progress has already been made in many G20 countries towards meeting the target ahead of schedule. The OECD will continue monitoring progress on the target and promoting gender equality policies through its work.
Rehabilitation within the Earnings-related Pension Scheme 2018Eläketurvakeskus
The share of under-45-year-olds returning to work after rehabilitation grew by five percentage points during the five follow-up years. Seven out of ten were in working life three years after their rehabilitation ended, statistics of the Finnish Centre for Pensions shows.
Changing Labour Markets, Life-Course and Pensions Conference 19 may 2017 - pr...Eläketurvakeskus
In which ways do labour market flexibilisation and subsequent life-course effects challenge pension provision and how do pension systems respond to such challenges? The conference, organized by the Finnish Centre for Pensions, brought together top researchers and professionals to debate this highly topical issue. Keynotes: Anna D’Addio, Joakim Palme, Traute Meyer, Dirk Hofäcker, Kathrin Komp
How’s Life? 2015 describes the essential ingredients that shape people’s well-being in OECD and other major economies. It includes a wide variety of statistics, capturing both material well-being and quality of life. This third edition includes a special focus on child well-being, on volunteering and on inequalities in well-being across different regions within countries.
The document provides an economic survey of Spain by the OECD. It summarizes that while growth has been robust, unemployment remains high. Productivity growth has stagnated and regional disparities exist. It provides recommendations to boost productivity, reduce inequality and regional disparities through measures like increasing spending on training, reducing barriers to entrepreneurship, strengthening innovation policies, and ensuring social benefits are portable across regions. Maintaining structural reforms, fiscal consolidation, and pension reforms are also recommended to ensure sustainable and inclusive growth.
The document summarizes the OECD's review of Slovenia's labor market policies and outcomes. It finds that while Slovenia's employment rates recovered after declining in 2008, they remain low for some groups. Long-term unemployment is high, revealing structural problems. The OECD recommends strengthening requirements for unemployment benefits recipients, activating jobseekers earlier, improving individual support for disadvantaged groups, and promoting longer working lives through pension reforms. The most important areas for change are tackling long-term unemployment, enabling more support for hard-to-place jobseekers, improving work incentives for benefit recipients, and coordinating labor activation efforts between the Employment Service and Social Work Centers.
The document summarizes a presentation given by Stefano Scarpetta on building inclusive labour markets in Kazakhstan. It focuses on three groups: youth, older workers, and people with disabilities. For youth, it recommends strengthening public employment services, investing more in active labour market policies and skills training. For older workers, it suggests improving lifelong learning, ensuring adequate pensions, and encouraging employers to hire older individuals. Finally, it proposes reducing barriers for people with disabilities to enter the labour market.
Estonia is experiencing low unemployment due to an aging workforce. While employment rates are high, company profits are not increasing at the same rate as wages. The average pension in Estonia is 370 euros and healthcare is free for retirees and the unemployed. Unemployment fell in 2017 to 5.8% from 6.8% in 2016 as the labor participation rate increased, particularly among older workers. However, youth unemployment remains high at over 10%.
Despite recent efforts to equalize the treatment of men and women in the pension system design in many countries, the gender gap in pensions persists. This gap contributes to old-age income inequality in Europe and beyond. The interplay of pension and family policies has a major impact on mitigating the gender gap in pensions.
This document summarizes the 2017 OECD Economic Survey of Iceland. It finds that Iceland has made a remarkable economic recovery since the 2008 financial crisis. Unemployment and inflation are now low, and growth is the fastest in the OECD due to increases in tourism and favorable terms of trade. However, rapid growth also brings challenges, like overheating and rising housing prices. The report provides recommendations to preserve macroeconomic stability, make tourism more sustainable and inclusive, and improve effective and inclusive labor relations.
Czech republic 2018-oecd-economic-survey-towards-more-sustainable-and-inclusi...OECD, Economics Department
The document provides an overview of the Czech Republic's economy and environmental performance based on reports from the OECD. It finds that the Czech economy is thriving with low unemployment and inflation around the target rate. However, productivity remains low compared to the OECD average. The population is aging, which will increase spending on pensions and healthcare. The health system performs well but could be improved by shifting to primary care, reducing hospitalization, and promoting healthy lifestyles. Key recommendations include addressing labor shortages, preparing for an aging society, and improving the healthcare system through payment reforms, reducing overuse of hospitals, and increasing the healthcare workforce.
The document provides an economic survey and environmental performance review of the Czech Republic by the OECD. It finds that the Czech economy is thriving with low unemployment and inflation around the target rate. However, productivity remains low and an aging population will increase age-related spending pressures. The health care system performs well but is hospital-centered with high rates of doctor consultations. Environmental performance is mixed, with good results on some sustainable development goals but high carbon intensity relative to GDP. Key recommendations include addressing labor shortages, pension and tax reforms, improving health care delivery and financing, and reducing carbon emissions.
Every person aspires to a good life. But what does “a good or a better life” mean? The second edition of How’s Life? paints a comprehensive picture of well-being in OECD countries and other major economies, by looking at people’s material living conditions and quality of life across the population. In addition, the report contains in-depth studies of four key cross-cutting issues in well-being that are particularly relevant: how has well-being evolved during the global economic and financial crisis?; how big are gender differences in well-being?; how can we assess well-being in the workplace?; and how to define and measure the sustainability of well-being over time?
Netherlands 2016 OECD Economic Survey unleashing productivity The Hague 3 MarchOECD, Economics Department
The document is a 2016 OECD Economic Survey of the Netherlands that discusses several key economic indicators and policies. It finds that while the Dutch economy has recovered from the global financial crisis and unemployment is decreasing, productivity growth has been flat. It recommends boosting private investment, increasing support for research and development, and strengthening skills training particularly for immigrants and disadvantaged groups to help unleash productivity. Overall the survey provides an assessment of the Dutch economy and policy areas that could be improved to further support growth, employment, and living standards.
The document compares various economic and social statistics of the United Kingdom to OECD averages. It finds that the UK has an GDP per capita slightly below average, an older population with fewer youth, and higher life expectancy. The UK spends more on education as a percentage of GDP but less on R&D, pensions, and debt is lower than OECD averages. Unemployment is close to average while youth unemployment is higher, and the UK has higher income inequality.
Human capital as the key to economic developmentLatvijas Banka
This document discusses human capital as the key driver of economic development in Latvia. It finds that while Latvia's population and workforce are projected to decrease in the coming decades, there are still substantial internal labor reserves that could be activated, such as among the young and upper-middle aged men. Improving health outcomes and reducing excess mortality is identified as the most promising way to stop depopulation trends. Additionally, public spending on education and healthcare in Latvia has been modest and outcomes could be improved by increasing efficiency. Attracting high-skilled immigration through improved quality of life is also discussed but perceived livability in Riga does not yet lead to mass immigration.
The impact of pandemics on labour market in Latvia Latvijas Banka
The document discusses the impact of the COVID-19 pandemic on Latvia's labor market in three key points:
1) Overall, the impact has been limited so far, but it varies significantly by sector, occupation, and population group, with low-income workers most affected.
2) Without government support programs, unemployment would be almost double current rates.
3) Younger workers experienced more job losses, while employment in sectors like healthcare and education remained stable for older groups. Certain sectors like tourism saw sharp declines compared to increases in technology jobs.
The document provides an overview and forecasts of macroeconomics in the Baltic states. It finds that the Baltic economies have converged towards EU income levels faster than other countries. While the structure of the economies is similar, manufacturing and trade make up relatively larger shares in Lithuania. Post-crisis growth has surpassed pre-crisis levels, though Latvia experienced a deeper crisis and longer recovery. Strong growth is broad-based but volatile construction growth stands out. Tight labor markets and rising wages are putting inflationary pressures, while open economies make the Baltics dependent on global trade growth. Medium-long term growth depends on productive investment and efficient resource use.
Darba tirgus izaicinājumi Latvijā un Eiropas Savienībā: no pandēmijas līdz kr...Latvijas Banka
The document summarizes the impact of the COVID-19 pandemic and Russian invasion of Ukraine on Latvia's labor market. It finds that while unemployment increased during the pandemic, government support programs prevented larger job losses. Unemployment has since declined and is now only slightly above pre-pandemic levels. Younger workers and those in sectors like hospitality were most affected by pandemic layoffs. The invasion of Ukraine has worsened economic forecasts for Latvia in 2022 and exacerbated pre-existing labor market challenges around demographic changes and skills shortages.
Changes in economic environment. Macro overview and outlook for 2013-2014 Mārtiņš Pakulis
A presentation by Mārtiņš Kazāks about «Changes in economic environment. Macro overview and outlook for 2013-2014.»
Presented on 27th March, 2013 in Riga Business School.
Promoting a stronger and more inclusive economy OECD Economic Survey Hungary ...OECD, Economics Department
The OECD Economic Survey of Hungary 2019 document discusses several key points:
1) The Hungarian economy is growing strongly but policies are needed to address risks to the recovery.
2) Greater economic inclusiveness would bolster growth as poverty and unemployment remain issues in some regions.
3) Population aging will significantly increase costs related to pensions and healthcare, which need to be addressed through reforms.
This document discusses comparisons between the economies and welfare indicators of Latvia, Lithuania, and Estonia. It summarizes recent economic trends in the Baltic countries, including high inflation driven by rising energy and commodity prices, slowing exports due to trade restrictions with Russia, and declining consumer confidence. It also compares GDP, wages, taxes, unemployment, minimum wage levels, and sectors of economic activity between the three countries. While Lithuania has the highest average gross wages, average net wages are more similar once taxes are accounted for. Estonia has been more successful in attracting investment and new enterprises in technology sectors. Regional economic disparities exist within each country as well.
Raising skills is critical to Portugal’s economic success and social well-being. As globalisation and digitalisation are transforming how people work, how societies function and how individuals interact, Portugal needs to equip its entire population with strong skills so that they can benefit from new opportunities.Portugal has put education and skills at the forefront of the political agenda for many years, but more than half of adults have not completed upper secondary education. With the population ageing rapidly and a growing skills divide between generations, Portugal needs to further strengthen its adult-learning system. To make change happen, Portugal will need a clear vision for the adult-learning system and a strong partnership between all stakeholders – all levels of government, education and training providers, employers, trade unions, the non-profit sector and learners.This report outlines areas where the accessibility, flexibility and quality of the adult-learning system can be improved, where governance and financing mechanisms can be strengthened, and provides examples of international and national good practice to help achieve these objectives. The report provides a series of concrete actions to help Portugal improve the adult-learning system and in turn enhance economic growth and social cohesion.
The document is an OECD economic survey of Latvia that discusses key economic challenges and recommendations. It finds that while Latvia has recovered from the financial crisis, growth has slowed and income inequality remains high. It recommends that Latvia reduce income inequality by targeting social benefits better, lower taxes on low-paid jobs, and strengthen tax collection. It also suggests raising productivity by improving regulation, vocational education, and R&D investment to support robust economic convergence. Further, Latvia should limit economic volatility by building fiscal reserves to cope with external shocks and continuing financial sector oversight.
Anna Ludwinek, the hidden potential of Europe’s economically inactiveNUI Galway
Ms Anna Ludwinek, Eurofound, The hidden potential of Europe’s economically inactive presented at the 6th Annual NERI Labour Market Conference in association with the Whitaker Institute, NUI Galway, 22nd May, 2018.
Cecilia Hermansson, Chief Economist at Swedbank, delivered a speech at a conference in Riga celebrating Latvia's completion of its IMF and EU support program. In her speech, she:
1) Praised Latvia's strong economic recovery and commitment to reforms following the deep recession, while noting remaining challenges.
2) Emphasized the need to close productivity gaps, adapt to demographic changes, and strengthen institutions to sustain recovery.
3) Concluded that Latvia and other Baltic states must maintain reform momentum to avoid problems seen in Southern Europe and further improve competitiveness.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The Estonian Pank economic forecast for 2019-2022 finds that:
1) Growth in the Estonian economy is expected to slow gradually as the labor market tightens and foreign demand weakens.
2) Inflation will remain moderate as wage growth slows and oil prices remain low.
3) Unemployment is forecast to rise slowly from its current low levels as economic growth declines.
This document summarizes wage and salary trends in Estonia, Latvia, and Lithuania from 2008 to 2017. Some key points:
- Average monthly gross wages have generally increased each year in all three countries, with Estonia typically having the highest wages and Latvia the lowest. Wages increased between 4-10% per year from 2015-2017.
- Average monthly net wages followed a similar trend but were lower than gross wages. Net wages increased 3-9% per year from 2015-2017.
- Minimum wages in each country remained steady at around 30-45% of average gross wages between 2008-2017.
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Latvijas Banka has revised Latvia's macroeconomic forecasts for 2023-2025. Inflation is projected to decline to 10% in 2023 and further to 2.7% in 2024 and 2.6% in 2025. GDP growth is forecast to be 0.5% in 2023, then increase to 3.7% in 2024 and 3.3% in 2025. Unemployment is projected to remain stable around 7.3-7.4% through 2025. The general government deficit is expected to decline from 4% of GDP in 2023 to around 2.7-1.5% of GDP in 2024-2025.
Latvijas tautsaimniecības makroekonomiskā attīstība | Marts 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 31. martā par jaunākajām ekonomikas prognozēm.
Eiro banknošu pretviltošanas elementi un to pārbaudeLatvijas Banka
Šī Latvijas Bankas naudas zīmju ekspertu prezentācija iepazīstina ar eiro banknošu pretviltošanas elementiem un veidiem kā ikviens var pārlecināties par banknošu īstumu. Vienkāršākais veids - aptaustiet, apskatiet un pagroziet banknotes!
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
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13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
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Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
In World Expo 2010 Shanghai – the most visited Expo in the World History
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What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
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Latvijas Bankas ekonomista Ulda Rutkastes prezentācija
1. 1
LABOUR MARKETS IN THE BALTIC COUNTRIES:
CHALLENGES AND OPPORTUNITIES
Uldis Rutkaste
Head of Monetary Policy Department, Latvijas Banka
2 October 2019
2. 2
Labour shortage has again become an important
obstacle to expanding business
Labour shortage as an important obstacle to business (%; seasonally adjusted)
0
10
20
30
40
50
60
70
80
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
2011Q1
2012Q1
2013Q1
2014Q1
2015Q1
2016Q1
2017Q1
2018Q1
2019Q1
0
10
20
30
40
50
60
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
2011Q1
2012Q1
2013Q1
2014Q1
2015Q1
2016Q1
2017Q1
2018Q1
2019Q1
0
10
20
30
40
50
60
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
2011Q1
2012Q1
2013Q1
2014Q1
2015Q1
2016Q1
2017Q1
2018Q1
2019Q1
Manufacturing
Construction
Services
Estonia Latvia Lithuania
Sources: EC and Latvijas Banka staff calculations.
4. 4
Unit labour costs, aggregate in the Baltic countries (index; year 2000 = 100)
85
90
95
100
105
110
115 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Tradables
Non-tradables
Tight labour market pushes up labour costs
Source: Eurostat.
5. 5
Export unit value to nominal unit labour costs in manufacturing (2011 = 100)
So far, corporate profitability remains healthy, but
the cost pressure will bite eventually
Sources: Eurostat and Latvijas Banka staff calculation.
70
80
90
100
110
2011 2012 2013 2014 2015 2016 2017 2018
European Union - 28 countries
Estonia
Latvia
Lithuania
6. 6
There are only two ways around it
• External sources
• Domestic sources
Labour
supply
• Accumulate capital and
knowledge
Labour
demand
8. 8
Average monthly gross wage in selected non-EU countries and in their regions (euro)
Wage differentials with eastern neighbours are substantial…
Sources: Statistical offices of the respective countries.
0
200
400
600
800
1000
1200
1400
Estonia
Latvia
Lithuania
Russia
Kazakhstan
Georgia
Belarus
Armenia
Moldova
Ukraine
Moscow
Murmanskregion
St.Petersburg
KomiRepublic
Moscowregion
Arkhangelskregion
Leningradregion
KareliaRepublic
Kalugaregion
Minsk
Kaliningradregion
Tularegion
Vologdaregion
Yaroslavregion
Novgorodregion
Ryazanregion
Belgorodregion
Voronezhregion
Lipetskregion
Tverregion
Kyiv
Kurskregion
Vladimirregion
Smolenskregion
Oryolregion
Kostromaregion
Bryanskregion
Tambovregion
Minskregion
Pskovregion
Ivanovoregion
Gomelregion
Grodnoregion
Brestregion
Vitebskregion
Mogilevregion
Donetskregion
Kyivregion
Dnipropetrovskregion
Zaporozhyeregion
Nikolaevregion
Poltavaregion
Odessaregion
Lvivregion
Transcarpathianregion
Harkovregion
Vinnytsiaregion
Ivano-Frankivskregion
Cherkasyregion
Rovnoregion
Sumyregion
Khmelnitskyregion
Luganskregion
Volynregion
Khersonregion
ZhytomyrOblast
Kirovogradregion
Chernihivregion
Chernivtsiregion
Ternopilregion
Ukraine
Belarus
Central and north-east regions of Russia
9. 9
Share of people living in another EU country
(% of population born in the respective country; age group 20-64; by education level; 2018)
… as is the size of the Baltic diaspora in Western Europe
Source: Eurostat.
0
5
10
15
20
25
30
Romania
Lithuania
Bulgaria
Portugal
Latvia
Croatia
Poland
Cyprus
Luxembourg
Estonia
Ireland
Slovakia
Hungary
Greece
Slovenia
Belgium
Finland
Netherlands
Austria
Czechia
Italy
Germany
Sweden
France
Denmark
UK
Spain
total
primary
secondary
tertiary
10. 10
Average monthly gross wage in the Baltic countries (% of the minimum wage in the UK)
Average wages in the Baltics are presumably approaching
reservation wage levels of migrant workers
Sources: Eurostat and Latvijas Banka staff calculations.
20
40
60
80
100
120
140
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Estonia Latvia Lithuania
euro euro (PPP-adjusted)
20
40
60
80
100
120
140
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Estonia Latvia Lithuania
12. 12
Participation rate in the EU countries (age group 15-74; %; 2018)
Economic activity of population in the Baltic countries
has been rather high
Source: Eurostat.
50
55
60
65
70
75
Sweden
Estonia
Netherlands
Germany
Latvia
UK
Denmark
Lithuania
Austria
Cyprus
Ireland
Finland
Portugal
Czechia
Slovenia
EU-28
Spain
Luxembourg
Slovakia
Malta
Hungary
France
Bulgaria
Poland
Romania
Belgium
Greece
Croatia
Italy
13. 13
The impact of population age structure on the headline participation rate (pp; compared to the age structure in 2002)
However, it is partly a result of demographic tailwinds
that are going to dissipate soon
Source: Krasnopjorovs, O. Anatomy of labour reserves in the Baltic countries: a snapshot 15 years after the EU accession. LB Discussion paper 2/2019.
-4
-3
-2
-1
0
1
2
3 2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Estonia
Latvia
Lithuania
Projection
14. 14
Conventional and broad unemployment measures
(2018; % of economically active population; age group 15-74)
Broad measures of unemployment suggest that
the domestic labour pool is far from exhausted
7.4
5.4
6.2
12.7
10.9
8.4
0
2
4
6
8
10
12
14
Latvia Estonia Lithuania
Job seekers' rate Broad unemployment rate
Sources: Eurostat and Latvijas Banka staff calculations.
15. 15
Natural unemployment rate and labour market mismatches in the EU countries
Skill mismatches account for a large part of
structural unemployment
Source: Krasnopjorovs, O. Anatomy of labour reserves in the Baltic countries: a snapshot 15 years after the EU accession. LB Discussion paper 2/2019.
Labour market mismatch index
(2016-2018 average)
0
10
20
30
40
50
60
Greece
Spain
Croatia
Italy
Lithuania
France
Latvia
Cyprus
Finland
Luxembourg
Estonia
Portugal
Belgium
Sweden
Bulgaria
Poland
Austria
Slovakia
Hungary
Ireland
Denmark
Czechia
UK
Germany
Romania
Malta
Slovenia
EE
LV
LT
0
2
4
6
8
10
12
14
16
18
0 20 40 60
NAIRU(2016-2018)
Labour market mismatch index (2016-2018)
16. 16
Regional differences in employment and unemployment rates (max–min in 2018 or the last year available; pp)
Regional disparities also point to sub-optimal allocation of labour
Sources: Statistical offices of Latvia, Estonia and Lithuania.
7.1
8.5
7.7
12.2
17.5
13.2
0
2
4
6
8
10
12
14
16
18
20
Latvia Estonia Lithuania
Unemployment rate Employment rate
17. 17
Estonia Latvia Lithuania
Men Women Men Women Men Women
Agegroup
15-19 6.3 5.0 11.3 11.1 17.1 17.8
20-24 0.6 3.4 8.1 9.1
25-29 2.4 1.9 0.1
30-34 2.6 1.8 1.1
35-39 1.2 1.2 1.7 2.1
40-44 0.5 2.3 7.6
45-49 1.5 5.5 9.0
50-54 1.3 6.0 7.0
55-59 4.4 5.2 7.4
60-64 1.7 3.8
Total 26.9 55.9 86.3
Internal labour reserves in the Baltic countries by age group and gender (thousands of people; in 2018)
Potential domestic labour reserves are rather notable
Source: Krasnopjorovs, O. Anatomy of labour reserves in the Baltic countries: a snapshot 15 years after the EU accession. LB Discussion paper 2/2019.
18. 18
Vocational training is not fashionable in the Baltics, likely
to depress youth employment
Vocational education (% of lower secondary education
enrollment; in 2017)
Sources: Eurostat and Latvijas Banka staff calculations; hereinafter EU7 – Germany, Austria, Denmark, the Netherlands, Sweden, Czechia and the UK.
Vocational education (% of upper secondary education
enrollment; in 2017)
2.9
0.6
2.4
EU7 = 7.2
0
1
2
3
4
5
6
7
8
Estonia Latvia Lithuania
40.7
38.6
27.4
EU7 = 53.5
20
25
30
35
40
45
50
55
60
Estonia Latvia Lithuania
19. 19
Share of individuals who have at least basic digital skills (%)
Older workers suffer from insufficient digital skills and are
less active participants of lifelong learning programmes
Sources: Eurostat and Latvijas Banka staff calculations.
0
10
20
30
40
50
60
70
80
90
100
16-24 25-34 35-44 45-54 55-64 65-74
Estonia
Latvia
Lithuania
EU7
Baltic countries vs EU7: lifelong learning (difference in pp)
-15
-10
-5
0
5
25-64 25-34 35-44 45-54 55-64
Estonia
Latvia
Lithuania
20. 20
99
83
81
44
40
33
9
0 50 100
Internships in firms (1.3%)
Support to start entrepreneurship
(0.7%)
Measures for particular person groups
(2.5%)
Professional training and re-training
(9.5%)
Informal education (30.5%)
Competitiveness promotion (30.2%)
Temporary public jobs (25.4%)
%ofallprogrammeparticipants
Spending on active labour market policy
(% of GDP; 2016)
Capacity of the active labour market policy is rather limited
Sources: Eurostat and the State Employment Agency of Latvia.
0.0
0.5
1.0
1.5
Denmark
Sweden
Hungary
Finland
France
Luxembourg
Austria
Belgium
Netherlands
Spain
Porugal
Italy
Ireland
Poland
Croatia
Germany
CzechRep.
Lithuania
Slovakia
Estonia
Greece
Slovenia
Latvia
Malta
Bulgaria
Cyprus
Romania
Latvia: found a permanent job 6 months after participating in the
programme (%; 2018)
21. 21
Self-perceived health status of upper-middle-aged men
(index; age group 55-64; in 2017)
Relatively poor health status of upper-middle-aged men is likely
hindering their activity on the labour market
Sources: Eurostat and Latvijas Banka staff calculations.
Aerobic physical activity at least 5 hours per week by
income quintiles (men; age group 22-44; in 2014; %)
+200: very good
+100: good
0: fair
-100: bad
-200: very bad
0
10
20
30
40
50
60
70
80
90
100
Ireland
Sweden
Netherlands
UK
Greece
Italy
Cyprus
Belgium
Finland
Malta
Spain
Denmark
France
Austria
Romania
Bulgaria
Slovenia
Germany
Czechia
Slovakia
Croatia
Hungary
Poland
Portugal
Estonia
Lithuania
Latvia
0
5
10
15
20
25
30
1 2 3 4 5
Estonia
Latvia
Lithuania
EU-7
22. 22
Flexibility of wage determination (GCI 2018; component 8.04)
Rigid employment protection legislation may reduce labour market
flexibility with further advancements in judicial capacity
Sources: GCI 2018 and OECD.
Protection against dismissals (2013-2015 average; OECD)
2
3
4
5
6
Estonia
Lithuania
Latvia
UK
Czechia
Malta
Poland
Ireland
Bulgaria
Romania
Luxembourg
France
Croatia
Slovakia
Spain
Portugal
Hungary
Germany
Cyprus
Slovenia
Belgium
Greece
Denmark
Netherlands
Sweden
Italy
Finland
Austria
1.0
1.5
2.0
2.5
3.0
UK
Estonia
Ireland
Hungary
Finland
Slovakia
Croatia
Denmark
Spain
Poland
Greece
Lithuania
Austria
Sweden
Slovenia
Czechia
Portugal
Luxembourg
France
Germany
Italy
Latvia
Netherlands
Belgium
24. 24
Stock of physical capital per worker in the Baltic countries
(% of Germany; adjusted for purchasing power parity)
Capital stock has increased over time, but there is still some
room for further convergence
Sources: Penn World Tables 9.0 (Feenstra et al., 2015) and Latvijas Banka staff calculations.
0
10
20
30
40
50
60
70
80
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
25. 25
Productivity levels and labour allocation in manufacturing: Baltics vs 7 best EU performers in terms of
productivity* (average over 5 years running to 2017)
Increasing allocative efficiency and scaling technology ladder are both
important in boosting productivity
Sources: Eurostat and Latvijas Banka staff calculations; * – Austria, Belgium, Denmark, Finland, Ireland, the Netherlands, Sweden.
050100150200250300350400
-15 -10 -5 0 5 10 15 20
Wood & furniture
Textiles
Printing & reproduction
Metals and articles thereof
Construction matherials, plastic & rubber
Food & beverages
Machinery and equipment
Transport equipment
Paper
Computers, electrical & optical equipment
Pharmaceuticals & chemicals
Average productivity
Employment differentials
Employment differentials in the Baltics vs 7 best EU performers in terms of productivity; pp
Average productivity in 7 best EU performers, GVA per employed
0 10 20 30 40 50
Productivity level in the Baltics, % of 7
best EU performers' average
26. 26
Education quality and quantity indicators in the Baltics and the EU7
Quality of education becomes critical in this respect
Sources: OECD (PISA 2015) and Global Competitiveness Report (2017, 2018).
2.5
3.0
3.5
4.0
4.5
5.0
5.5
Extent of staff training
Quality of vocational training
Skillset of secondary-education
graduates
Skillset of university graduates
Digital skills among active
population
Ease of finding skilled
employees
Critical thinking in teaching
Quality of the education
system
Quality of math and science
education
Quality of management schools
Estonia
Latvia
Lithuania
EU7
27. 27
• Labour shortage is here to stay if left unaddressed.
• Activating domestic labour reserves may be costly, but not doing so
would be penny wise, pound foolish.
• Raising human capital is key to further income convergence, and it
would help in alleviating labour market pressures.
Main takeaways