Elena A. Zotova G20 Impact on Employment and Labor Market Development: Retrospective and Forecast (Part 1)

DOI: 10.38050/2078-3809-2024-16-3-123-145

Abstract

This publication represents the first part of the work on the impact of the G20 on employment and labor market development.

The G20 plays a significant role in shaping coordinated vectors of economic and social policies among its member countries. Rising income inequality, job insecurity, and the impact of technological progress on employment have underscored the social and political significance of labor markets. There is an increasing need within countries to regulate labor markets undergoing processes of automation, the use of artificial intelligence, and other technological advancements. This article analyzes the ten-year experience of the G20 in developing labor markets and employment. It provides an overview of the topics addressed during this period and lists the decisions taken by the G20. An attempt is made to qualitatively and quantitatively analyze the impact of these decisions on the labor markets of participating countries. It illustrates how the main indicators of the labor market in the participating countries changed during the period from 2013 to 2023. It concludes that the average indicators for G20 countries showed positive dynamics, corresponding to the decisions made by the G20, while the indicators for individual countries were much more diverse. This diversity is explained by the various socio-economic differences among the participating countries. The forecast for the further directions of the G20's impact on labor markets suggests that the importance of the G20 in the development of the labor sphere and employment will not diminish. However, it is probably premature to discuss an increase in the significance of the decisions made and their impact on the situation in the countries.

Keywords: G20, labor, employment, informal employment, underemployment, unemployment, skills mismatch, declarations of labor and employment ministers, inclusive growth, human-centered development.

JEL: J11.

For citation: Zotova, V.E. (2024) G20 Impact on Employment and Labor Market Development: Retrospective and Forecast (Part 1). Scientific Research of Faculty of Economics. Electronic Journal, vol. 16, no. 3, pp. 123-135. DOI: 10.38050/2078-3809-2024-16-3-123-145.

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