In 2019, economic and employment growth is likely to slow down across most mature economies, with the US still growing faster than most other countries. Still, employment is likely to remain strong enough to further tighten the labor market and further accelerate wage growth. Within this overall trend, there is still large variation across countries.

Some countries like Germany, Japan, and the US and broader regions like Central and Eastern Europe are experiencing historically tight labor markets, making it harder for employers to recruit and retain workers, which leads to accelerating labor cost and pressure on profits.

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