An overview of labor markets world-wide : key trends and major policy issues

Abstract

This paper provides an overview of labor market trends, and key policy issues worldwide. It begins with a statistical overview of major indicators relating to the labor market, highlighting the diverging experiences between the high-income countries, and many developing regions. It then reviews four global trends that are rapidly changing labor markets, and affecting workers all over the world. These trends are the changing industrial structure which is being accompanied by rapid urbanizations; global economic integration; technological change through the information and communication technology revolution; and, the informalization of many economic activities. While policy responses to these developments depend on national circumstances, there are certain priorities that - investing in human resources, social protection for workers, and labor market regulation - are reviewed in the final section of the paper.Environmental Economics&Policies,Health Economics&Finance,Poverty Assessment,Inequality,Economic Theory&Research