Workforce markets with longer work days or more hours in workweeks offer increased opportunities for higher levels of productivity without the added cost of overtime premiums. However, these top ranked markets did not receive top ranking based on the number of available work hours at the regular wage alone. Other workforce considerations are included when we consider the most productive markets. These include: more stable labor markets, higher levels of infrastructural and technological efficiency and a multitude of other factors. In some cases, productivity is even directly driven by labor-market growth.
The United Arab Emirates, for example, has a largely migrant workforce. It’s become a hub for the Middle East, attracting skills from other markets such as India and as far as the United States. This market is demonstrating very large growth and is expected to expand its workforce by 30% over the course of the next decade.
Singapore experienced labor productivity growth which may have risen to its highest level in seven years. This growth has been seen mainly in externally-oriented sectors such as manufacturing, wholesale trade, finance and insurance.
Comparison of the Top Five Markets for Workforce Productivity
Comparison of 2017 vs 2018 for Workforce Productivity