The global economy is forecast to accelerate modestly in the short term, with both strengths and risks in all regions. The engine of global growth continues to shift from the emerging markets to the developed countries, led by solid activity in the largest English-speaking nations and slowly recovering conditions in Europe. Among emerging markets, Brazil and Russia have edged into recessionary territory but are expected to begin to recover in 2015, while China has shown signs of weakness.
Some countries are seeing their labor markets moving in tandem with the economy: for example, in the U.S. and U.K., strong economic fundamentals accompany robust employment growth and falling unemployment. In others—including Brazil, Canada, and Russia—there is a disconnect between the labor market and the broader economic conditions. Structural shifts, cyclical factors, and political developments are also variously affecting labor markets, particularly across the APAC region.
As economic and labor market conditions continue to progress, the heightened demand for talent is driving a variety of changes in the workforce that are affecting employers’ strategies. Meanwhile, employees are looking to take greater control over their careers, and are placing a greater emphasis on the tools and resources that will help them succeed. Workers are also increasingly looking beyond their home countries for opportunities for career and personal development.
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