GLOBAL LABOR MARKET DEVELOPMENT IN THE POST-CRISIS PERIOD

Abstract

Abstract. The labor market is not fully integrated globally nowadays, while only a small
percentage of workers are participating in international labor migration. One of the key indicators
demonstrating that the global labor market has not yet been fully integrated is the presence
of significant differences in the level of workers’ wages of similar skill level around the
world. However, by means of international migration, directly or indirectly, national and regional
labor markets are becoming more integrated. The increasing integration of labor markets
facilitates movement of labor, as a key production factor, contributing to its more efficient
use, according to the comparative advantages of the region. In many developing countries, income
distribution becomes more uneven, although the average wage increases. The key factor
that affects the development of the labor market is the economic growth of the world economy.
In 2013 global economic growth declined to 2.9% and global labor productivity, measured as
output growth per worker decreased from 1.6% in 2012 to 1.4% in 2013, which is one of the lowest
levels in recent years.
Key words: labor market, migration, employment, unemployment, economic crisis, developed
countries, developing countries.