Many countries have managed to rein in inflation and attain low levels of unemployment over past decades. However, economic inequality, population aging, migration, and numerous other aspects continue to threaten economic development and long-term macroeconomic stability of the world. Let’s look at the key labor market trends that shape the global economy today. Demographic trends go first.
The development of the healthcare system allows people to live longer. However, with insufficiently high birth rates, this leads to a gradual population aging. As a result, increased pressure is put on the social security system and on employees and state budgets in the case of pension systems where mandatory contributions are made to the general pension fund.