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Good Jobs for All in a Changing World of Work

The OECD Jobs Strategy

image of Good Jobs for All in a Changing World of Work

The digital revolution, globalisation and demographic changes are transforming labour markets at a time when policy makers are also struggling with persistently slow productivity and wage growth and high levels of income inequality. The new OECD Jobs Strategy provides a comprehensive framework and detailed policy analysis and recommendations to help countries promote not only strong job creation but also foster job quality and inclusiveness as central policy priorities, while emphasising the importance of resilience and adaptability for good economic and labour market performance in a rapidly changing world of work. The key message is that flexibility-enhancing policies in product and labour markets are necessary but not sufficient. Policies and institutions that protect workers, foster inclusiveness and allow workers and firms to make the most of ongoing changes are also needed to promote good and sustainable outcomes.

The OECD’s latest Jobs Strategy is a smart and sensible updating and rethinking of how countries should advance the goal of shared prosperity. I hope policymakers around the world not only read it but take its important advice.”

Jason Furman, Professor Harvard Kennedy School and former Chairman of President Obama’s Council of Economic Advisers

 

Inequality, economic insecurity, economic exclusion, are making the headlines.  Anger is high, populist rhetoric is on the rise.   What can be done?  What strategies to adopt?  These are the challenging questions taken up by the new OECD Jobs Strategy report.  I hope the report triggers the very serious discussions these issues deserve.”

 

 Olivier Blanchard, Senior Fellow at the Peterson Institute, Emeritus Professor at MIT and former Chief Economist of the IMF

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Foreword

Times were very different when the Reassessed OECD Job Strategy was launched in 2006. We had just witnessed more than a decade of sustained growth, record low unemployment rates, and relatively robust wage growth. Then the global financial crisis hit, and ten years later, the world has once again changed. While the global economy has been recovering from the financial crisis for several years now, wage growth remains sluggish in most OECD countries. Additionally, productivity growth has fallen from about 2.5% before the crisis to about half this rate over the past five years, and inequalities have reached unprecedentedly high levels: the average disposable income of the richest 10% of the population is now around nine and a half times that of the poorest 10% across the OECD, up from seven times three decades ago. Rapid digital transformation, globalisation and population ageing, are deeply rooted trends changing the very nature of jobs and the functioning of the labour market, thus raising new policy challenges.

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