By Peter Havlik
Even though the 4 international locations thought of during this learn are the main constructed transition international locations in Europe, their standard wages are just a fragment of West ecu degrees. whereas the hard work charges could theoretically provide the significant and jap eu (CEEC) nations a bonus, capital shortages and the inability of abilities required for a marketplace economic climate hinder its use. The file used to be ready lower than the auspices of the realm financial institution by means of Peter Havlik, Deputy Director of the Vienna Institute for overseas monetary experiences (WIIW). This file experiences salary and exertions productiveness advancements and examines the evolution of export competitiveness. It additionally summarizes the most findings from the continued examine by means of WIIW at the impression of international direct funding on restructuring and offers a few coverage techniques.
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Additional resources for Trade and cost competitiveness in the Czech Republic, Hungary, Poland, and Slovenia, Volumes 23-482
Developments have been highly uneven, both across countries and individual industries; some CEECs (the Czech Republic in particular) have recently even contracted again. As shown above in section 1 of this paper, a new feature of the recent industrial development in the region has been fairly high labor productivity increases, especially in Poland and Hungary (less so in the Czech Republic and in Slovenia) and in branches of industrywith high FDI penetration. The combined effect of wage, exchange rate, and productivity developmentsfrequently resulted in rising, though in international comparison still extremely low, labor costs.
In addition, the sample of enterprises covered varies not only by country but in individual years as well (see table 1). 10. In Austria and the majority of other EU countries, the differences between both price levels were much less pronounced (in 1996 about 2 percent in Austria, representing 1 percent of the EU average). Relative prices of machinery and equipment in CEECs were close to the OECD average and therefore higher than the overall price level in the CEECs (see OECD 1998, Dietz, 1999).
The foreign sector shows rapid expansion not only in terms of growing capital and sales, but also in terms of employment. Fifty thousand new manufacturing jobs were created in, or shifted to, the foreign sector, while the domestic sector lost 85 thousand jobs. Sales of products of FIEs increased by 130 percent, while the sales of domestic enterprises increased only by 14 percent (in current USD terms). Although ownership shifts cannot be followed with accuracy, it seems that the foreign sector was an important driving force of the recovery in the mid-1990s.
Trade and cost competitiveness in the Czech Republic, Hungary, Poland, and Slovenia, Volumes 23-482 by Peter Havlik