Labour market: The importance of social dialogue

BNP Paribas Team BNP Paribas

May Day is approaching. It is the occasion to celebrate progress made in improving workers' rights. It can also be an opportunity to recall how much the quality of social dialogue matters for a well-functioning labour market.

According to 2018 Global Competition Review of the World Economic Forum, the quality of labour-employer relations is relatively high in continental northwest Europe and Japan. At the same time, these countries score very well in terms of labour market outcomes. The lightly regulated labour markets in the English-speaking countries have also achieved low unemployment levels, although jobs are less well protected. In the southern European countries, the social dialogue seems to function less well. Unemployment in these countries has remained persistently high.

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BNP Paribas Team

BNP Paribas

BNP Paribas Economic Research Department is a worldwide function, part of Corporate and Investment Banking, at the service of both the Bank and its customers.

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