What are the structural imbalances in the global labour market as observed by ILO
An overview of the structural imbalances in the global labour market and its implications for the economy and society.
The International Labour Organization (ILO) has identified several key structural imbalances in the global labour market, which have significant implications for the economy and society. These imbalances include:
- Unemployment and underemployment: High levels of unemployment, particularly among young people, contribute to social and economic instability. Underemployment, where workers are employed in jobs that do not fully utilize their skills and abilities, can lead to wasted potential and lower productivity.
- Informal employment: The ILO estimates that more than half of the global workforce is engaged in informal employment, which lacks legal protection, social security, and decent working conditions. This perpetuates inequality and poses challenges for social protection and economic development.
- Gender inequality: Women face persistent discrimination in the labour market, including lower wages, limited access to formal employment, and higher levels of vulnerable employment. Addressing gender imbalances is crucial for achieving inclusive and sustainable development.
- Skills mismatch: The global labour market often experiences a mismatch between the skills offered by workers and the skills demanded by employers. This impedes economic growth and job creation, as well as the potential for technological advancements and innovation.
- Migration and mobility: The increasing movement of workers across borders has both positive and negative impacts. While migration can alleviate labour shortages and support economic growth, it can also lead to exploitative working conditions and social tensions.
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