The Least Competitive Labor Markets in the World

BENGALURU: The labor market provides a platform for interaction between workers and employees. In an economy, the labor market provides a base for various economical functions and here employers compete to hire the best, and the workers compete for the best satisfying job.

As reported by Business Insider, according to New Research by Verisk Maplecroft, the British risk analytics Company, Djibouti, Myanmar, Bangladesh, Cambodia and Brunei are the top 5 most competitive labor market.

let us have a look at the least competitive labor markets in the world.

1# Italy

Though Italy is witnessing a reformation on several grounds, Italy’s employment and productivity outcomes continue to lag behind in comparison to its European peers.

The labor market is supposedly rigid and with its less flexibility, it delays hiring and firing thus ending up in mismatches between supply and demand. Italy has a diversified industrial economy, which is divided into a developed industrial north, which is dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher.

The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy.

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