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By Peter Havlik

Even supposing the 4 nations thought of during this learn are the main constructed transition nations in Europe, their typical wages are just a fragment of West ecu degrees. whereas the exertions expenditures could theoretically provide the imperative and jap ecu (CEEC) nations a bonus, capital shortages and the shortcoming of abilities required for a industry financial system hinder its use. The record used to be ready less than the auspices of the area financial institution by way of Peter Havlik, Deputy Director of the Vienna Institute for foreign fiscal reviews (WIIW). This document stories salary and hard work productiveness advancements and examines the evolution of export competitiveness. It additionally summarizes the most findings from the continued learn via WIIW at the effect of international direct funding on restructuring and offers a few coverage ideas.

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Trade and cost competitiveness in the Czech Republic, Hungary, Poland, and Slovenia, Volumes 23-482

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Additional resources for Trade and cost competitiveness in the Czech Republic, Hungary, Poland, and Slovenia, Volumes 23-482

Sample text

This is true not only for traditional labor-intensive industries (in fact, the labor cost advantages of labor-intensive industries seem to be least pronounced), but with progress in the transition, more FDI, and restructuring, especiallyfor other more sophisticatedindustry branches like transport, electrical, and optical equipment. As shown in Section 2 below, mainly the latter branches have been highly successful in exports. Moreover, the above crude ULC estimates for manufacturing industry are sectoral averages that presumably vary considerably across companies, especially with respect to productivity levels.

On the other hand, the highest productivity improvements can be associated with above average foreign penetration in a branch. Figures 13 and 14 illustrate how high foreign penetration of manufacturing industry has been associated with huge ULC improvements in Hungary, whereas a lower foreign penetration coincided with deteriorating labor cost competitiveness in the Czech Republic (at least until 1996). But even here we find branches with higher than average foreign penetration and impressive ULC improvements (for example, DL-transport equipment).

This deterioration may cause external disequilibrium that requires painful policy adjustments. Such a situation occurred in Hungary in 1995 and in the Czech Republic in 1997. Recent developments of labor competitiveness and deteriorating current accounts indicate that Poland could become vulnerable soon as well. On the other hand, Slovenia stands out as a permanently high-costs country among other CEECs-so far without encountering any serious difficulties with maintaining external equilibrium. In sum, all CEECs still maintain a considerable, though mostly diminishing, competitive edge over Western Europe due to lowwage costs, but the assessment varies with the indicator used, and the situation rapidly changes.

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