What is labour market and average wage in Poland and Italy
Labour market is a kind of an economic market that consists of people searching for a job and offers, but from a different angle of businessmen and investors creating work places and searching for workforce.
Labour market is created by supply and demand.
Average wages in provinces or in the north side of Italy are usually higher than in the south side considering the fact, that the south side consists of sea and is turistically developed. The highest income is based on the holiday season, when a lot of tourists come to visit Italian beautiful coast. The average wage is about 30 600 Euro a year. The best place with the highest income is Lombardia, where the average in 2022 was almost 32 000 Euro. On the south they are about 2380 Euro a month.
In Poland an average wage in 2023 is 7 124,26 zł. The highest average in Poland is in the south side of the country, because there is a lot of mines down there, which has a lot of workers and is making the economy better. The second place, that is really efficient to live in, if we consider the wages is by the seaside, because there is a really good working seaport.
Unemployment
Unemployment is a social occurrence that exists, because a part of people able to work, are not taking a job. There are many reasons why people are not working: health problems, family issues etc.
In Italy unemployment rate in 2023 is 7,40%. There are 1893.00 registered unemployed people and 23655.89 working people.
In Poland the number of unemployment rate in 2023 is 5%, there is 776.00 unemployed people and 16850.00 employed
Inflation and Big Mac Index
Inflation is a rate of how much the prices over a given period of time had increased. This process shows that sooner or later we can buy less products for more money. It leads to a decrease of the value of money. One of the main reasons of inflation is economy issues, war, pandemic situation or political conflicts. To prevent inflation from growing even bigger the best the government could do is to increase productivity, capital inflow.
Poland’s annual inflation rate eased for a seventh consecutive month to 8.2 in September 2023, the lowest since November 2021, from 10,1% in the previous month, according to preliminary estimates.
Inflation in Italy rate is at 5.60% compared to 5.50% last month and 9,40% in 2022, that’s higher than the longer term average of 2.16%. Looking at the common inflation rate in Europe, Italy doesn’t have a huge problem with the prices and money losing it’s value.
The Big Mac index is a survey created by “The Economist” magazine in 1986 to measure purchasing power parity (PPP) between nations, using the price of a McDonald’s Big Mac as the benchmark. It shows how the prices are changing.
