https://japanese.joins.com/article/155/252155.html?servcode=300§code=300
4/9 ( Tuesday )
KoreaLaborProductivityIncreaseRate7.9% → 2.2%
It has been found that the efficiency of the Korean economy has fallen
and the increase in labor productivity in the manufacturing industry
has fallen sharply since the financial crisis.
Technology competitiveness of the main industry,
which is the engine of the Korean economy, is rapidly declining.
Published in the Survey Statistics Monthly Report of the Bank of Korea (BOK)
Labor productivity fluctuation factor analysis according to industry
According to, the labor productivity growth rate,
which averaged 4.2% a year before the global financial crisis (2001-2007),
dropped to half to 2.1% in 2011-15 after the financial crisis.
It significantly exceeds the OECD average drop rate (0.9% points).
It is the manufacturing industry that led the decline in the rate of increase
in labor productivity.
During the same period,
labor productivity in the manufacturing sector dropped sharply
from 7.9% before the financial crisis to 2.2% after the financial crisis.
Compared with the service industry (2.5% → 2.3%),
the rate of decline was large.
According to Kang Tess, director of the survey model team of the BBO,
“the decrease in the rate of increase in labor productivity does not mean
that labor productivity is low”.
Although the rate of increase in labor productivity
in the manufacturing sector has fallen sharply,
labor productivity levels in the manufacturing sector
( 40,99 won per hour ( approximately 3,925 yen, approximately $ 35.27 )
remain at the service sector ( 22,21 won)
It will be more than double of
( approximately 1,955 yen, approximately 17.56 US dollars ).
Japan's labor productivity per hour, $ 47.5
(JPY 4,733 / purchasing power parity ( PPP ) equivalent).
United States ($ 72.0 / ¥ 7,169 )
However,
the decline in the rate of increase in labor productivity
in the manufacturing sector has heightened concerns
over the Korean economy.
The decline in the rate of increase in labor productivity is noticeable mainly
in high-tech (semiconductors, displays, mobile phones)
and mid-high-tech (machines, automobiles, ships, etc.)
industries in which major export industries are concentrated.
According to the report,
the rate of increase in labor productivity has fallen by 7.7% points
for high-level technologies and 6.5% points
for high- and high-level technologies since the financial crisis.
The main cause was analyzed as the weakening
of the total factor productivity increase rate.
Total factor productivity means the increase in production excluding labor
and capital input.
It is an indicator that shows the efficiency of production
by considering the influence of other factors such as business innovation.
After the financial crisis,
labor productivity in the manufacturing industry fell (-5.7%).
The biggest reason was the weakening
of the total factor productivity growth rate (-4.5%).
The impact of the increase in capital equipment rate (-1.2%)
was relatively small.
The report points out that "the decline in innovation
and the emergence of highly productive innovators in the process
of production have been delayed, and the rate of increase
in total factor productivity has slowed down due to the inefficient allocation
and utilization of labor and capital input factors." did.
An even bigger problem is
where the decline in production efficiency is manifested
in the general manufacturing industry.
Total factor productivity of leading companies
(all factor productivity standard top 5%) fell 4.1 percentage points
in high technology industry and 8.6 percentage points
in middle and high technology industries since the financial crisis.
Labor productivity per hour of the manufacturing industry
is also far below other countries.
Labor productivity per hour of Korean manufacturing (average 2011-15)
was $ 51, a big gap with the US ($ 87) and Germany ($ 81).
“The slowing of the rate of increase in labor productivity
in the Korean economy is led by the manufacturing industry,
and this has a negative impact on the future of the Korean economy,”
said Kang-Team, and “The urgent need for improvement”. Stressed.
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