Shaping a new labour market for the post-pandemic economy

Changes in demand patterns and new technologies will drive job creation in new sectors in the next five years

People with needs queueing up for food handouts, distributed by non-profit organisation Tenohasi, at a park in the Ikebukuro district of Tokyo earlier this month. The devastation to lives and livelihoods around the world caused by the pandemic continues, with the roll-out and distribution of vaccines expected to take some time. PHOTO: AGENCE FRANCE-PRESSE

What took a decade to achieve unravelled within a matter of months. It seems like another age, but the start of 2020 had marked a decade of decline in the unemployment rate of the world's advanced economies.

When the Covid-19 pandemic struck, the unemployment rate in Organisation for Economic Cooperation and Development (OECD) countries increased by an unprecedented 3.6 percentage points between February and April, to 8.8 per cent - the highest rate in a decade. The OECD unemployment rate has since fallen but is expected to remain above pre-crisis levels throughout 2022.

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