Spain and the United States - Real Instituto Elcano

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LOOKING AHEAD 129 Exhibit 7.4 PISA Report Ranking, Selected OECD Countries temporary contracts – one in every three employees in Spain has a short-term contract, compared with an OECD average of one in ten – is very flexible, so much so that it is a problem as it puts workers in a precarious situation and discourages employers from properly training their employees. Another area that needs to be addressed is the excessive number of administrative permits required for investments (General Electric, for example, needed a staggering 111 permits for its latest investment in Cartagena). Neither Spain nor the United States came out very well in the latest PISA report on secondary education in OECD countries (see Exhibit 7.4). The United States, however, makes up for the shortcomings in secondary education with the overall excellence of its universities; Spain does not, except in a handful of cases and in its main business schools, which are of very high Exhibit 7.5 High-Tech Exports (% of Total Exports of Manufactured Goods)*
130 SPAIN AND THE UNITED STATES Exhibit 7.6 Labour Productivity per Person Employed (EU-25 = 100) quality. Multinationals are impressed by the quality of Spain’s executives but increasingly worried by the gap that is opening up between their skills and those of workers on the shop floor. Spain is at the bottom of developed countries in terms of the educational results of its students: 33% do not complete their upper secondary education compared with an average of 21% in all OECD countries. What is of particular concern for the future of Spain is that countries with a lower per student level of expenditure, such as Hungary and Poland, have better educated workforces. Spain’s high-tech exports account for only 11% of its total exports of manufactured goods, compared with 30% in Hungary (see Exhibit 7.5). Another indicator of Spain’s low level of innovation is its number of patents per million inhabitants, which in 2001 (latest year available) was 18, compared with an EU-25 average of 109 and the US’s 95. The combination of higher wage increases in Spain – the result of a persistent inflation differential with the EU-25 (a full percentage point in 2004) and wage-setting and indexing mechanisms that set a higher floor for nominal wage growth than in other countries and very low productivity gains – is eroding competitiveness. The modest labour productivity reflects, among other factors, very strong job creation, which is something very positive and has been the driving force behind Spain’s exceptionally long period of economic expansion. This period has lasted much longer than most people envisaged and has substantially reduced the high unemployment rate to below 10%, almost in line with the EU-25 average (see Exhibit 7.6). Employment increased by 2.7% in 2004 and apparent labour productivity was only 0.4%. Spain’s productivity per hour worked dropped from 82.2% of the US level in 1991 to 75.3% in 2003, according to the Bank of Spain. 6 6. See the table on p. 24 of the Bank of Spain’s 2004 Annual Report.
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Spain and the United States The Que
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Published by the Real Instituto Elc
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ACKNOWLEDGEMENTS This is the third
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CONTENTS Preface ..................
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PREFACE Once again, our long-time c
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CHAPTER 1 OVERVIEW Had it not been
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OVERVIEW 13 French of more than two
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OVERVIEW 15 committed Protestant, a
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OVERVIEW 17 money was used to purch
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OVERVIEW 19 Later, the runway at Ro
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OVERVIEW 21 a much more balanced re
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OVERVIEW 23 The position of the Eis
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OVERVIEW 25 The first such school i
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OVERVIEW 27 significant proportion.
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OVERVIEW 29 3,631 in 2003 (the four
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OVERVIEW 31 forces were not happy a
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OVERVIEW 33 It is fair to say that,
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OVERVIEW 35 sovereign Basque state)
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OVERVIEW 37 by those countries for
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OVERVIEW 39 was the main instigator
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OVERVIEW 41 magnitude needed in a
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OVERVIEW 43 The Spanish decision in
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OVERVIEW 45 There was a flurry of v
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