Employment Rate estimates for 2014, Female Employment in Turkey still showing a large gap
Turkey will post the second highest GDP growth rate in 2014 among the member States of the Organisation for Economic Co-operation and Development (OECD), according to the latest edition of the “Employment Outlook 2013” published by the organization.
However, female employment rates are still far below those of men in Turkey. The OECD Economic Survey for Turkey reveals that about 70 per cent of men are in paid work in Turkey, compared with 28 per cent of women. Women are still less likely than men to get a job. This 42 percentage point gender gap is much higher that the OECD average, that shows 60% of women having jobs, compared with 72% of men.
The increase in employment will be 2.2 per cent in Turkey next year, following Israel and Mexico with 2.7 per cent, shows data gathered by Anadolu Agency from OECD reports show.
Source: OECD public data
The U.S. and Luxembourg come after Turkey, both with 2.0 per cent, while the employment gain will be 1.3 per cent in Canada, 0.7 in the UK and 0.5 in Germany.
Source: OECD public data
Source: OECD public data
The OECD employment report also shows that the employment rate will decrease next year in 9 countries including Japan, Greece, Italy, Holland, Poland, Portugal, Slovenia, Spain, and Czech Republic. Overall expectation for OECD countries, on the other hand, will be a 1 per cent increase in employment, while Euro Zone will face a 0.2 decrease. Greece will see the sharpest drop, with -2.1 per cent, followed by the aforementioned countries.
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The OECD Better Life index indicates that in OECD countries as a whole “Nearly 66% of the working-age population aged 15 to 64 has a paid job. Employment levels are highest in Iceland (79%), Switzerland (79%) and Norway (75%) and lowest in Turkey (48%), Greece (56%) and Hungary (56%). Employment rates are generally higher for individuals with a higher level of education. Across the OECD, an estimated 82% of individuals with at least a tertiary education have a paid job, compared with an estimated 45% for those without an upper secondary education.”
60% of Women had Jobs, Compared with 72% of Men
“Despite a steady increase in female employment rates over the past 15 years, women are still less likely than men to have a job. In 2011, on average across OECD countries, 60% of women had jobs, compared with 72% of men. The gender difference is particularly high in Turkey and Mexico, and relatively small in Canada, Estonia and the Nordic countries” says the OECD Better Life index. In those countries that show an increase in employment rates for women, the improvement “may be explained by cyclical factors but also by the provision of childcare facilities, which have made it easier for mothers with young children to return to work”.
A Recession Most Likely for Turkey?
Joseph Cafariello wrote in his recent article, ‘Crises from Both Sides’ published on Friday, August 9th, 2013 at wealthdaily said: ‘It seems this third bout with financial crisis since the turning of the century will likely be lost by Turkey and many other nations like it who are highly dependent on foreign capital inflows to fill their budget gaps.’
He added: “Economists are already predicting huge interest rate hikes for Turkey in particular. Analysts at England’s Barclays (NYSE: BCS) bank are expecting that if the U.S. Federal Reserve goes ahead with stimulus tapering in September, the Turkish central bank will have to raise interest rates by a full 1% to 1.5% in very short order”.’
He also reported that “Independent macro-economic research company Capital Economics estimates that by the time the U.S. Fed finally eliminates its monthly bond purchases by mid-2014 as expected, Turkish interest rates may have to rise a whopping 5% from the current 7.25% to a potentially crippling 12.25%.
With 3% GDP in 2012 and a likely lower growth rate in 2013, it is almost inevitable that Turkey will enter recession by the time the U.S. Fed terminates its bond buying program in 2014.”
According to Cafariello, we are facing a world where the foreign investment so vital to feed the budget deficits is disappearing, currency wars are “triggering inflation and interest rate hikes in middle-tier economies” and “aggressive export agendas” are pursued with “no one to do the buying”.
He concludes that “The faster the behemoths of the world can get their accounts and budgets in order, the sooner the middle-tier nations like Turkey can return to their glory days of stellar growth and expansion.”
Turkey: Foreign Direct Investment down 47.8% in Q1, OECD say
Accordiging to the Anatolia news agency(AA)’s gathered OECD reports , ‘Foreign direct investment (FDI) to Turkey dropped to USD 2.4 billion in the first quarter of the year from USD 4.6 billion in the same months of 2012,. The FDI inflow to Turkey in the final quarter of 2012 was also USD 2.4 billion.
In addition, a global Foreign direct investment (FDI) survey released by the OECD on Monday indicates that the decline translates into a 47.8% drop in FDI to the country. As earlier reported in the “Global Investment Trends Monitor” by UNCTAD, other countries mired in recession have already suffered a similar sort, as FDI flows to Greece, Italy, Spain and Portugal, the Southern European countries most hit by the crisis, together more than halved in 2012.
Contributed by Anita Abate , Dağ Media Foreign Correspond
In the preparation of this news were used:
wealthdaily,oecdbetterlifeindex,invest.gov.tr,ansmed.info,UN document and social media.