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International Trade committee Full employment.
May 1st, 2012Committee meeting
Shenjie Chen
International Trade committee Full employment means everybody is employed, all the labour.
May 1st, 2012Committee meeting
Shenjie Chen
May 1st, 2012Committee meeting
Shenjie Chen
International Trade committee No, we didn't make that assumption.
May 1st, 2012Committee meeting
Shenjie Chen
May 1st, 2012Committee meeting
Shenjie Chen
International Trade committee The reason is that trade agreements take time to implement, usually about ten years' time. With negotiations plus implementation, maybe it's more than ten years. Over a ten-year period, it's very hard to make assumptions about employment. That's the international norm. We assume
May 1st, 2012Committee meeting
Shenjie Chen
International Trade committee We usually assume full employment to be something around 4% to 5% unemployment. That's the normal range of the unemployment rate.
May 1st, 2012Committee meeting
Shenjie Chen
International Trade committee The normal range is 4% to 5% in an economy, and that's the range we believe is full employment.
May 1st, 2012Committee meeting
Shenjie Chen