WEF Reports on Employment
World Economic Forum report said that India will face huge skills gaps in some job categories due to low employability over the next 20 years and also warned of a looming global labour crisis. The report said that increasing mobility among countries will be a key part of the solution.
Despite high unemployment, the global economy has entered a decade of unparalleled talent scarcity, the report added. If left unaddressed, it will put a brake on economic growth in both developed and developing countries, the report said.
The WEF report -- 'Stimulating Economies through Fostering Talent Mobility' made in collaboration with The Boston Consulting Group -- demonstrates the magnitude of an impending global labour crisis by analysing talent shortages across 22 countries and 12 industry sectors and argues that talent mobility can stimulate economies in both developed and developing countries.
WEF also reported that the workforces of India and Brazil will grow by more than 200 million people over the next two decades by 2030, the developed world will need millions of new employees to sustain economic growth, the report said. Of these, the United States will need 26 million employees, and western Europe will need 46 million employees.