As world leaders gather from January 15-19, 2024 to
address emerging issues at the World Economic Forum in Davos under
the theme of "Rebuilding trust", we analyse how the
employment market has twisted and changed over the past few
decades.
Over the last two decades, a number of shocks and crises have
left their mark on the global economy and, in particular, the
employment market. The 2008 financial crisis caused an economic
contraction in almost all advanced economies, something we
hadn't seen since the Second World War. Recently, the Covid-19
pandemic brought activity in many sectors to a full stop.
Recession and unemployment - two forces spinning in a duet
Recession and employment downturns go hand in hand. During such
times, production levels drop, forcing companies to temporarily
reduce their workforce so as to cut costs. While the unemployment
rate during the shocks is also correlated with other various
factors, including monetary and fiscal policies, the
