Japan ranked 29th for labor productivity among the 38 member countries of the OECD, according a survey by the Japan Productivity Center released Monday.
Japan's per-hour productivity in 2023 came to $56.8, or ¥5,379 based on purchasing power parity, up two notches from the all-time low logged the year before, according to the survey based on OECD data.
According to the Tokyo-based think tank, the improvement reflected Japan's economic recovery after the COVID-19 pandemic and an economic slowdown in Europe.
But Japan remained in last place among the Group of Seven major economies. It was roughly on par with countries such as Poland, at $57.5 per hour, and Estonia, at $56.5.
"The issue of prices is closely related to productivity," the center said, expressing its view that a reason for Japan's low productivity was that high-quality products and services were undervalued and low-priced.
The survey used a purchasing power parity exchange rate of ¥94.68 per dollar, based on a comparison of goods and services prices between countries.
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