World Employment and Social Outlook (WESO):Trends 2015

Job-friendly Macroeconomic Policies Unit

Research DepartmentInternational Labour Organization (ILO)

January 2015

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The world of work faces multiple challenges

Global

challenges

Slow growth

Inequality

Decreasingparticipation

Jobs gap

Youthunemployment

Vulnerableemployment

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Global trends Jobs gap

Global growth remains lackluster...

Global growth and its components (per cent per annum)

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Global trends Jobs gap

...preventing unemployment from falling

Global unemployment (millions)

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Global trends Jobs gap

The global job gap opens up further...

Global job gap, 2014-2019

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Global trends Jobs gap

...with significant variations across countries

Cross-country variations in unemployment rates (percentages)

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Global trends Youth unemployment

Youth unemployment continues to rise...

Change in youth unemployment, 2019 vs 2014

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Global trends Youth unemployment

...especially in European countries...

Unemployment rates by age in the EU-28, Q2 2014 (percentage)

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Global trends Youth unemployment

... spreading the risk of social unrest....

Male youth unemployment and unrest (1991-2013)

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Global trends Youth unemployment

... which remains at its highest level for two decades

Social unrest across the world (index)

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Barriers to growth Overview

Global growth faces four headwinds

Barriers togrowth

Inequality

Job loss inmanufacturing

Gender gaps

Decreasingparticipation

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Barriers to growth Inequality

Inequality remains high in developing countries...

Inequality measured by Gini index (2010)

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Barriers to growth Inequality

...and keeps on rising in advanced economies...

Evolution of the average Gini coefficient in G7 economies (2000-11)

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Barriers to growth Occupational shifts

...as medium-skill jobs disappear...

Change in employment by occupation in 2000-2013(percentage points in total employment)

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Barriers to growth Occupational shifts

...weighting on stronger economic growth

Income inequality makes growth accelerations less likely

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Barriers to growth Sectoral employment growth

Future employment growth is mainly expected in services...

Sectoral employment growth (p.a.): 2010-2019

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Barriers to growth Sectoral employment growth

...as manufacturing no longer drives development...

Peak share of manufacturing employment (1992-2013)

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Barriers to growth Sectoral employment growth

...which bodes ill for a faster economic recovery

Job creation in manufacturing makes growth slowdowns less likely

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Barriers to growth Female employment

Women face high risks of vulnerable employment...

Difference between male and female vulnerable employment rates(percentage points)

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Barriers to growth Female employment

...and are less often employed

Difference between male and female employment rates(percentage points)

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Barriers to growth Global labour supply

Global labour supply is set to slow down...

Labour force participation rate (percentage)

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Barriers to growth Global labour supply

...increasing the risk of growth setbacks

Impact of labour supply on the probability of growth slowdowns

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Policy conclusions

How can we get growth back on track?

GrowthBolster aggregate demand andenterprise investment

FinanceRe-orient credit system tosupport the real economy

InequalityFoster quality jobs, participation,skills and income growth

Key challengeThe word economy is expandingwell below the pre-crisis trends

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Check out for more !

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Global trendsJobs gapYouth unemployment

Barriers to growthOverviewInequalityOccupational shiftsSectoral employment growthFemale employmentGlobal labour supply

Policy conclusions

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