The world of work is undergoing profound changes. Self-driving cars, medicine-delivering drones, generative artificial intelligence that augments human creativity, overheating megacities. These things were once the stuff of science fiction. Today they are the technological, demographic, and climate-change-related forces reshaping the way we work.
What we don’t know is whether these forces will change our world of work for better or worse. This uncertainty is increased because the changes are occurring at a time of enormous existing challenges.
Inequalities are reaching unprecedented levels. Global employment growth will be only 1.0 per cent in 2023, less than half that of 2022. Global unemployment is expected to rise by around three million in 2023 to 208 million. The cost-of-living crisis is pushing more people into poverty, including working poverty. The most vulnerable workers include 200 million people living in absolute poverty and two billion in the informal economy, where they frequently lack legal rights or social protection.
This global picture also hides significant geographic imbalances. For example, in low-income countries, employment is not expected to recover to pre-pandemic levels this year. In those regions where unemployment is now below pre-crisis levels, our analysis shows this is mainly because of a shift into the informal economy, which probably postpones rather than resolves workers’ problems.
So, what can be done? How can we ensure these currents of...
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