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As Economies Reopen, Labor Shortages Follow
July 2021 | Global Economic Outlook
This chart book shares the most important labor market trends across global labor markets and explores current trends. When the pandemic hit in early 2020, GDP and the number of jobs (or hours worked) declined dramatically across the globe. A year later, the economic and labor market outlook is much more optimistic, especially in mature economies. Some economies are already close to being fully reopened. While the short-term economic outlook varies across regions, labor shortages may reappear sooner than employers might expect. Both recruitment and retention difficulties could rise with swift reopenings of the economy.