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Iceland has shown exceptional economic growth since the country introduced a four-day work week. It is reported
According to a new study, Iceland's GDP is projected to grow by 2023% in 5, which is surprisingly high for a developed economy. Among the rich countries of Europe, only Malta had higher rates, informs UAINFO.org with reference to CNN.
In comparison, during the years 2006-2015, the average growth rate of the economy in Iceland was only about 2% per year.
Analysts attribute the country's economic success to the shortening of the working week. Thus, in the period from 2015 to 2019, several large experiments were conducted in the country, within which the working week of public sector employees was reduced to 35-36 hours, instead of 40, without reducing wages. 2500 people took part in the experiment - more than 1% of the working population of Iceland at the time.
The researchers found that productivity remained the same or improved in most workplaces, while employee well-being increased "significantly" across a number of measures.
Icelandic trade unions subsequently agreed to cut working hours for tens of thousands of their members across the country. By 2022, 51% of workers in the country will have switched to a reduced working day, or to a four-day working week. Today, 59% of Icelanders work in this format.
"This study shows a true success story: shorter working hours have become widespread in Iceland ... and the economy is strong on a number of measures," said study author Gudmundur D. Haraldsson.
And although economists predict a slowdown in economic growth as early as 2024, analysts pay attention to another important indicator - the low level of unemployment in the country. This is a "strong indicator of the vitality of the economy," they say.