Summary of Global Labor Market Outlook 2018

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Global Labor Market Outlook 2018 summary
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In many economies, employers and employees are experiencing a new trend: a shrinking workforce that is significantly altering traditional labor supply and demand dynamics. Forecasters predict a dwindling labor pool through 2030, and that is influencing compensation, technology and workplace environments. In this in-depth analysis, economists Gad Levanon, Ilaria Maselli and Frank Steemers explore the trajectory of labor participation and its effects on people and economies in 2018 and beyond. getAbstract recommends this timely report to executives and policy experts interested in a meticulous examination of global labor ecosystems.

In this summary, you will learn

  • Why countries around the world are experiencing tightening labor pools,
  • What options businesses have to meet the challenges of a shrinking workforce and
  • What this environment means for employees.
 

About the Authors

Gad Levanon, Ilaria Maselli, and Frank Steemers are economists at the Conference Board.

 

Summary

Major countries around the world are experiencing a constriction of labor markets due to a lack of growth in the working-age population. An exodus of older workers from the labor pool, without enough younger workers to fill the void, underlies this phenomenon. In 2015, the ratio of people aged 60–64 to those aged 15–19 was highest in Russia, at 1.51, followed by Japan at 1.45. In China, the statistic was 0.98. In the United States, at 0.89, the baby boomer generation will be exiting the workforce through 2030 at a rapid pace. Contrarily, India as well as many African and Latin American countries boast ratios of less than 0.50. 


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