ECONOMICS

Investigation of working conditions, income and potential association to GDP growth in the European Union

Investigation of working conditions, income and potential association to GDP growth in the European Union

Introduction

Working conditions play a vital role in the growth of economy for any country or region. It contains lots of factors which may affect the overall economy and its growth. When it comes to identify the performance of the employees at individual level, working conditions are the key elements which come into discussion. Working conditions vary from country to country and region to region. Government policies have higher influence on these working conditions. Conducive working environment has positive impact on the growth level of any economy. Governments tend to provide healthy competition business environment in order to get the productivity increased. Once the governments succeed to provide contributory working environment for the businesses they become successful in gaining higher level of income and further nations get higher level of GDP growth. All such factors provide the nations improved and more suitable lifestyles. Working conditions may include lots of elements such as rate of employment, level of investment by the private sector, literacy rate, poverty conditions, budgetary deficit, debt level of the country and other financial and economic indicators like political and social and law and order situations of the country. European Union is the biggest economy of the world which displays the idea that the overall working conditions in the region are more suitable for the investors to invest their money and the working environment may have greater employment opportunities for the workers. Countries and regions attract employees and workers from all over the world to work in that region as they get more value of their efforts. Many studies have been conducted on the European Union's economic indicators, these studies give the idea about the correlation between these working conditions and the income level of the nation further these conditions have greater impact on the GDP. In this paper I have discussed the correlation between such variables from statistical perspective. European Union includes several big economies of Europe and collectively all such economies maintain an overall European Union's economy. Hence there is a question that if other nations are performing well within a region overall European Union's economy will play good.

Discussion

The Statistics of European Union on Working Conditions and Income is an instrument aiming at gathering timely and comparable longitudinal and cross-sectional multidimensional micro data on poverty, income, working conditions and social exclusion. This instrument is attached in the European Statistical System (ESS).  

The EU-SILC task was started in 2003 on the premise of an agreement' in six Member States (Greece, Ireland, Belgium, Austria, Luxembourg and Denmark), and additionally in Norway. The beginning date for the EU-SILC instrument under the below stated system Regulation was 2004 for the EU-15 (with the special case of the Netherlands, Germany and the United Kingdom, which had criticisms until 2005), and in addition for Norway, Iceland, and ...