The chapter gives a global overview of recent labour market developments and short‐ and medium‐term projections for employment and wages. The chapter discusses recent changes in occupational employment and how they affect inequality and wages. The chapter also highlights the importance of rising youth unemployment for social unrest across major world regions.
The aim of this chapter is, first, to examine the link between economic growth and poverty reduction over time, including an examination of key macroeconomic drivers (section A). Section B analyses in detail the sources of economic growth and the extent to which these may affect its poverty‐reducing impact, underscoring the importance of productive transformation. Finally, section C presents concluding remarks and introduces Part II of the report.
2 Comparisons are made with respect to per capita growth over the previous seven years with per-capita growth over the following seven years. A growth acceleration occurs if growth rates increase by at least 2 percentage points to above 3.5 per cent. On the other hand, a country is suffering from a growth slowdown if growth decelerates by more than 2 percentage points, coming down from above 3.5 per cent. These turning point years then mark persistent accelerations and slowdowns of economic growth over the medium term. 3 The prime-age population is defined as population aged 25-54.
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