Heralded as the first international organisation with a universal vocation for globalisation, the WTO’s creation and the overall outcome of the Uruguay Round added optimism to an already very optimistic environment. In November 2001, the Doha Round began in Qatar, focusing on the developing countries’ problems. As is known, it has still not been possible to complete those talks.
The national unemployment rate has fallen to historic lows, average hours worked are recovering and our Business Outlook Survey points to signs of more intense labour shortages. That said, wage pressures remain modest. This could indicate that some capacity remains in the labour market.