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The OECD Employment Outlook 2014 finds that while the impact of the global crisis was initially severe for Turkey, it was shorter than in the rest of the OECD area and there was a much sharper rebound. The unemployment rate was 9.1% in the first quarter of 2014 in Turkey, still above the OECD average (7.3%), but lower than in the pre-crisis period (9.4% in Q4 2007).
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In Germany, employment continues to grow and the employment rate is now among the highest in the OECD (73.4% in the first quarter of 2014). Consequently, unemployment has fallen to 5.1% (ILO definition) in in the second quarter of 2014– well below the OECD average of 7.4% and less than half of the Euro area’s average at 11.6%.
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Korea is still one of the countries with the lowest unemployment rate in the OECD countries – 3.7% in the second quarter of 2014. Nonetheless, Korea’s labour market has some structural challenges, one of which has been a relatively low employment rate, implying that the size of the inactive population is large.
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Switzerland has high employment rates and low unemployment. The overall employment rate remained stable since the start of the crisis and stands at 79% (first quarter of 2014), the second highest in the OECD after Iceland, well above the OECD average of 65.6%. As for unemployment, among OECD countries only Japan, Korea, and Norway have lower unemployment rates.
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The unemployment rate stabilised in recent months in France, but remains very high, at 10.3% in July 2014 compared to 7.4% on average in the OECD area. Over the past couple of years, many countries have experienced a significant decline in unemployment, leaving France lagging behind in terms of labour market recovery from the global financial crisis.
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Portugal was hit hard by the global crisis and unemployment hit record levels but the unemployment rate has been declining since early 2013. In July 2014, 14% of the labour force was unemployed.
This paper presents a productivity growth measure that explicitly accounts for natural capital as an input factor and for undesirable goods, or “bads”, as an output of the production process.
OECD employment rate rises for the fourth consecutive quarter to 65.6% in first quarter of 2014
The UK labour market weathered the recent recession moderately well. After a relatively limited fall, total employment recovered and it recently reached 30 million for the first time, even if a number of the new jobs created are low productivity and low paid.
OECD unemployment rate stable at 7.4% in May 2014