work-on-train-1238022.jpg
Photograph: Freeimages.com/John Boyer

Employment in advanced economies is slowly improving, but wages remain low, the Organization for Economic Cooperation and Development (OECD) said Thursday.

In its employment outlook, the Paris-based think tank said that the jobs gap created by the financial crisis of 2008 will close by 2017 across OECD countries.

At its lowest point, only 58.6 per cent of the working population in OECD countries was employed - 2.2 percentage points lower than before the crisis in 2007. The OECD said this constituted 20.3 million jobs. By the end of 2015, this gap had fallen to 5.6 million jobs.

Nevertheless, the OECD said many countries were experiencing a significant wage gap - where wages are at least 5 per cent below the level they would be if they had continued the trend that was set during the 200-2007 period.

Much progress has been stalled by a sluggish global economy overall, marked by low investment and weak productivity gains, the think tank said.

Greece, Ireland and Spain in particular face large jobs gaps that are expected to extend through 2017, the OECD said. But employment rates have more than recovered in Chile, Germany, Hungary, Israel and Turkey.

Related stories

Fed hints strongly at 2016 interest rate hike

Latest news

New Zealand PM: We need migrants as 'locals can't pass drug tests'

New Zealand Prime Minister Bill English said Monday his country has to rely on immigrant workers because many locals can't pass workplace drug tests.

No early parliamentary election in Serbia this year - media

There will be no early parliamentary election in Serbia this year, electronic media in Belgrade said on Sunday.

Full list of 2017 Oscar winners

A list of winners at the 89th Academy Awards:

"Moonlight" wins best picture after on-stage Oscars mixup

The coming-of-age drama about an African American boy growing up gay in a poor neighbourhood in Miami was made for just 1.5 million dollars. Its director and co-writer, Barry Jenkins, hadn't made a film in years. And it was up for the best picture prize against "La La Land," the smash hit musical that tied the record for Oscar nominations this year.

Emma Stone is best actress in winning night for 'La La Land'

Emma Stone won the best actress Oscar at the 89th Academy Awards for her role in the movie musical "La La Land" on Sunday.

Casey Affleck wins best actor at Oscars

Casey Affleck won the best actor trophy at the Oscars in Los Angeles on Sunday for his portrayal of a taciturn janitor with a troubled past in "Manchester by the Sea."

Thousands of Romanians revive anti-government protests

Thousands of Romanians turned out on Sunday to renew their demands for the government to step down amid accusations it is trying to protect corrupt politicians.

Francis, first pope to visit Anglicans in Rome, weighs S Sudan trip

Pope Francis became the first leader of the Catholic Church to visit the Anglican community in Rome on Sunday, where he said he was considering a trip to famine-struck South Sudan.

Ibrahimovic lifts Man United past Southampton in League Cup final

Zlatan Ibrahimovic scored an 87th-minute winner as Manchester United beat Southampton 3-2 in an exciting League Cup final on Sunday.

London screens Iranian director's film amid Oscars boycott

Thousands of people watched a free screeening of Iranian director Asghar Farhadi's film "The Salesman" in London on Sunday to coincide with the Oscars.

Real Madrid stage comeback to stay top; Messi scores in Barcelona win

Lionel Messi scored the winner as Barcelona beat Atletico Madrid 2-1 on Sunday to move top of the Spanish first division.

Dubrovnik Sun Gardens Hotel member of The Leading Hotels of the World

The Dubrovnik Sun Gardens Hotel has joined the Leading Hotels of the World, Ltd., a global hospitality consortium of more than 375 hotels and resorts in over 75 countries.