The productivity of a Country can be measured using various formulas. A list of the most productive countries in the World is out and the productivity has been measured in terms of Organization for Economic Co-operation and Development (OECD).
Romania prides itself for being the highest productive economy in the World according to data released by the Organization for Economic Co-operation and Development (OECD).
Romania, located in the east of Europe recorded the highest “GDP per hour” rate of any OECD country in 2017, at 142.1dollars. Romania was closely followed by Ireland as Turkey came in third place.
Greece was among countries whose productivity rate declined a factor that was attributed to the decline in economic competitiveness and low rates of participation in the workforce.
Understanding the Scales and Improvements
Gross Domestic Product (GDP) per hour is used to record the efficiency of labor and how well it combines with other factors used in the production process.
The productivity of most OECD countries has been on the rise in recent years with Eastern European nations such as Romania, Poland, Latvia, and Bulgaria, rising sharply in their productivity trend.
Developed economies like the UK, Sweden, and the US show a more gradual increase in productivity levels, more in line with the OECD average.
Productivity is enhanced when more is done in less time and African countries have a long way to go in achieving this given the rampant corruption and failing systems.
Higher output that is of great quality in lesser time enhances productivity.
Climate change, pollution, and biodiversity are also major factors contributing to Africa’s crippling productivity.
High productivity is strongly linked to straight-forward thinking, economic growth and policymakers and implementers enacting policies that focus on generating growth that can be sustained.
Below is a list of the Most Productive Countries in the World in 2018
- Luxembourg
- Ireland
- Norway
- Belgium
- US
- Denmark
- France
- Germany
- Netherlands
- Switzerland
- Austria
- Sweden
- Finland
- Australia
- UK