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McKinsey Global Institute: Global Labor Market Challenges

June 23, 2012

The McKinsey Global Institute recently released a report on the global labor market. The report analyzes the current state of the labor market and projects a global labor force that “will grow to 3.5 billion by 2030.” It describes the most significant change as “slower growth of labor forces around the world.”

It also projects

[a] potential shortage of about 38 million to 40 million high-skill workers, or 13 percent of demand for such workers. Based on current patterns of educational attainment and demand growth, employers in advanced economies could face a shortage of 16 million to 18 million college-educated workers in 2020, despite rising college-completion rates.

The report suggests a number of solutions for advanced economies.

We estimate that advanced economies could avoid a shortage of high-skill workers by doubling the growth rate in tertiary education attainment (while also raising the share of graduates in science, engineering, and other technical fields), retraining mid-career workers, and allowing more high-skill workers to immigrate (emphasis added).

 

 

 

 

 

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