Macroeconomic aspects of job creation and unemployment

Most observers acknowledge that the period from the early 1990s until around 2007 delivered some economic successes, such as satisfactory or even rapid output growth in a number of developing countries (although average growth rates were still lower than in the 1960s and 1970s) and relatively low inflation. However, all of them agree that labour market outcomes were generally unsatisfactory in this period of accelerated globalization: employment typically grew at much lower rates than output – or in some cases did not grow at all – and the share of wages in national income generally declined in both developed and developing countries.

Related Subject(s): International Trade and Finance