Relationships between Average Wages in the Manufacturing Sector and Economic Indicators of the Manufacturing Sector in the Region of Visegrad Group Countries

Abstract

The role and position of the manufacturing sector changes over time. Its importance in the sustainable growth of the economy, innovations, trade, reducing energy demand, and environmental problems is currently being shown again. The study underlines the significance and importance of the manufacturing sector in the economy of countries, and the generally applicable economic principles are explicitly examined in regard to the manufacturing sector. It examines whether selected economic indicators of the manufacturing sector in the region of the Visegrad Group countries can affect the level of average wages in the sector. Wages represent a key determinant of attractiveness, as well as the potential to increase the standards of living and the long-term sustainability of a given sector. The selected economic indicators for the period 2008–2019 concerning average wages in the manufacturing sector were: FDI Flow, GDP, labour productivity, employment, and the number of hours worked in the manufacturing sector. The source of secondary data was the OECD database. A multiple regression model was used and tested. The suitability of the proposed model was tested using the ANOVA method. A significant effect was shown in the case of two of the examined variables, namely the GDP and employment in the manufacturing sector. Based on the findings of the study, it can be assumed that the sectoral GDP can positively affect average wages in the sector and the level of employment in manufacturing can negatively affect them. The summary of implications and proposals indirectly supports the need to develop and introduce innovations, new technologies, automation, and robotization, as well as for further implementation and support of Industry 4.0 and 5.0.

Business Confidence in the Sustainable Manufacturing Sector in the Context of Production, Production Prices, and Interest Rates

“…The Slovak Republic and Hungary are neighbouring countries that have a lot in common. Not only historically, geographically, and culturally, but also from the point of view of the development of economic indicators specifically in the manufacturing sector [30]. But the Slovak Republic, which is in the cluster with a lower PPI, belongs to the euro-area member countries.…”

“…The Slovak Republic and Hungary are neighbouring countries with a common history, and which are culturally and socially [29], but especially economically very close. Both countries are part of the smaller grouping of the four Vysegrad Group (V4) countries that have a lot in common from the point of view of the development of economic indicators, specifically in the manufacturing sector as well [30]. The Vysegrad Group states in its own documentation [31] that it groups together four countries in the Central European area (Poland, Hungary, the Czech Republic and the Slovak Republic), which are characterised by a common goal within pan-European integration, to cooperate in several common-interest areas.…”

The Effect of Investment in Green Technology and Renewable Technology Adoption on Energy Efficiency and Carbon Emissions Reduction in Indonesian Manufacturing Companies

“…The application of Industry 4.0 technologies, such as cloud computing and big data analytics, can facilitate data-driven decision-making and improve manufacturing competitiveness while promoting sustainable practices [3]. Additionally, economic indicators, such as GDP and employment in the manufacturing sector, can have an impact on the level of average wages, highlighting the importance of the manufacturing sector in the economy and the potential for sustainable growth [4].…”