The highest decline is registered in Poland
Analysis conducted by UBS, showed that the unemployment rate in 48 of the most developed countries of the world fell to 5.2%. This is slightly above the minimum mark of 5%, recorded in 1980, the Financial Times reports.
The publication indicates that the reduction in unemployment predicted by the IMF and the International labour organization (ILO). The last named figure of 5.5%, which corresponds to the level that was recorded in 2007.
The largest decline in unemployment were recorded in Poland (from 20% in 2002 to 6.1% in September), Croatia and Slovakia. The number of employees by more than 2% has decreased only in Greece, Italy, Spain and South Africa.
According to the chief economist of UBS hire Kapteina, reduction in unemployment was influenced by increased flexibility of the labour market and reducing wages. Charles Robertson of Renaissance Capital, in turn, pointed out that in Eastern Europe on employment has affected the demographics. The unemployed became less in part because that reduced the number of inhabitants.
Gabriel stern from Oxford Economics pointed out that the decline in the unemployment rate to its lowest in 38 years became one of the major surprises of recent years. However, he pointed out that the reason is the fact that companies benefit from hiring new employees due to low wages. Agreed with him and Santo Milasi of the ILO, noting the fact that the quality of new jobs is quite low. Moreover, in many countries people accept part-time employment, as very good offers in the market.