Even so, inequality is ranked high among the underlying risk drivers, and the most frequently cited interconnection of risks is that between adverse consequences of technological advances and high structural unemployment
or under-employment, the report said.
is the unemployment of workers who currently lack the skills needed by employers.
While the output gap is projected to close over the medium term assuming that the recovery sustains its momentum, potential growth remains constrained by modest total factor productivity growth (as in other advanced economies), a stagnant working age population, high structural unemployment
(especially among the young and low-skilled), and weak external competitiveness.
Thus, it leads to structural unemployment
and labor market inequalities affecting all states around the world regardless of their level of development.
President Mario Draghi told a news conference that governments' implementation of "structural reforms needs to be substantially stepped up to reduce structural unemployment
and boost potential output growth.
GAMMARTH, (TAP) - The public sector is not the only solution to the problem of structural unemployment
and there is need to rely on the private sector as well as the social and solidarity economy to create jobs and boost the national economy, Prime Minister Habib Essid said at the launch Tuesday in Gammarth of workshops of the national dialogue on employment.
Orlandi (2012) defines structural unemployment
as 'natural' rate of unemployment that the economy would settle at in the long run in the absence of shocks.
Meanwhile, the forum's participants discussed other subjects regarding geographical transformation, structural unemployment
, and technological development and their impact on all sectors in the region.
When such rigidities in the labor market lead to a shortage of jobs it creates structural unemployment
and those who are structurally unemployed tend to have longer spells of joblessness on average.
More than one billion people are still living in extreme poverty, structural unemployment
is preventing entire generations from accessing jobs, and women in most parts of the world still face significant barriers in entering the labour force.
In the long term Saudi rulers have to manage the needs of a rapidly growing population plagued by structural unemployment
, and an economy that remains overly dependent on oil revenue and undermined by lavish subsidies.
Other major risks in terms of their likelihood of occurring include extreme weather events, the failure of states and governments, and continuing high structural unemployment
, the report found.