DUBAI, UAE, February 18, 2023 /24-7PressRelease/ — Whiteshield, a global strategy and public policy advisory firm, released its Global Labour Resilience Index (GLRI) 2023 during the World Government Summit. The index is a first-of-its-kind measurement tool that assesses the capacity of an economy to limit fluctuations in employment and quickly rebound from setbacks. The index ranked 136 countries for their resiliency in labour markets, policies, and key capabilities to face crises such as pandemics, technological disruptions, and transition to a green economy.
The report was released in collaboration with CEMS, the Global Alliance in Management Education, comprising leading business schools, multinational companies and NGOs that together offer the CEMS Masters in International Management. The GLRI is an annual report that ranks countries for the resilience of their labour markets and offers guidelines on its enhancement.
The GLRI 2023 analysed countries that are prepared for the future of work. Alongside structural vulnerabilities, the report ranked countries on their ability to absorb crises, recover, and align their economies with future trends.
The report found the labour market resilience is highest in Western and Northern Europe. The ten most resilient nations are developed economies that had the institutional capacity to quickly and effectively introduce policy measures that prevented labour market outcomes being much worse than anticipated. Countries in Europe and Asia are becoming more resilient, whereas resilience in North America, albeit high, is stagnating. Other nations are however regressing and only high-income nations across all income levels are exhibiting increased resilience.
According to the report, there is an uneven recovery in the global labour markets taking place, with some – mostly developed – rapidly returning to pre-crisis levels of employment while others – mostly developing countries – still suffering from relatively large and persistent employment deficits. These asymmetric labour market outcomes can be partly ascribed to different health and economic support measures that governments have introduced. The other part is attributed to structural factors that have either facilitated or impeded recovery.
Fadi Farra, Founder and Partner at Whiteshield, emphasized: “Post-pandemic, nations have been making tremendous efforts to gain semblance in their labour markets. The past two years posed grave challenges worldwide, resulting in numerous crises in the labour global labour market. In light of this, regular reviews of skills, and assessments of the relationship between skills development, employment support, labour market and the economy have been undertaken relatively frequently. As the world has recovered from the pandemic, policymakers must turn temporary or short-term solutions into structural reforms. By doing this, systems will be more resilient in the event of future disturbances.”
Whiteshield’s GLRI is launched annually and provides a guide for the public and private sectors in devising policies to improve employment-related inclusivity and increase efforts in building a resilient labour market, particularly in unforeseen economic, social, or health-based crises.
The full report and country statistics are available on www.whiteshield.com
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