Global Employment Challenge
The global economy is facing a huge challenge of creating productive employment to its growing youthful population. The challenge is termed as global because there is a big shortage of productive jobs worldwide. In addition to that, the unemployment problem is affecting both the developed economies all down to the least developed economies. It is worth noting that, among inputs in the production processes, it is only labor that is immobile with mobility of capital and technology becoming more frequent. To sum up the qualification of employment as a global challenge is the attention that it is getting from the international policy makers such that major international policies have their focus on increasing opportunities for productive jobs in developing economies where the majority of the global population lives.
It is estimated that approximately three quarters of the global labor force work and live in developing nations, while only one quarter of the workers lives in developed nations and the newly developed economies. It is alarming that besides the high unemployment situation experiences today, it is approximated that about 46 million workers will be joining the already overpopulated labor market annually. As the majority of labor force lives and work in the developing world, the irony is that capital and other resources used in the production process such as skills and technology are located in the few industrialized economies. This asymmetry is reflected in the levels of employment in these economies in relation to global employment situation. Besides high unemployment levels in the developing economies, millions of those employed are either underemployment or face seasonal unemployment. Some of these workers are engaged in menial jobs just for survival of which some of the jobs deprives them their human dignity. These workers just work for survival.