Evaluation of Correlation between Labour Productivity and Wages in Individual Countries’ Economy

Abstract

The paper is concerned with the problems of evaluating and managing the correlation between labour productivity growth and wages as the most important elements of strategic development of economies in different world countries. A judicious correlation between the growth rate of labour productivity and wages affects the reduction of production costs, increase of profitability, and improvement of production efficiency. This explains the relevance of the study to evaluate interconnection between labour productivity and wages in the digital economy. The authors presented the research results of the dynamics of labour productivity and wages for individual countries in real time of 2014-2018, calculated indicators of the correlation between growth rates of average wages in the countries’ economy, described models, and developed the mechanism to manage the correlation between labour productivity and wages.