Long-range forces are changing the nature of work and how jobs will be created. The disequilibrium in many national labor markets won't be solved by measures that worked well in decades past.
Some 40 million workers across advanced economies are unemployed. With many nations still facing weak demand—and the risk of renewed recession—hiring has been restrained. Yet there are also long-range forces at play that will make it more difficult for advanced economies to return to pre-recession levels of employment in the years to come. As a result, we see that the current disequilibrium in many national labor markets will not be solved solely with measures that worked well in decades past.