World Bank and GLMC join forces to drive innovation and equity in global labor markets – Business News

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In a bold step toward influencing the future of global labor markets, the World Bank and the Global Labor Market Conference (GLMC) have unveiled an expanded three-year collaboration. This strengthened partnership builds upon an already established knowledge-sharing relationship and aims to have a significant impact on labor regulation and policy well into the 21st century.

The new partnership will focus on training the next generation of policymakers while generating innovative research that will help governments and organizations address the evolving dynamics of the global workforce. Areas of focus will include future labor market demands, employment trends, skills development, and policies that support equitable and sustainable labor markets.

A key goal of the partnership is the development of a new group of labor market policymakers who will be equipped to navigate the complexities of a transforming global workforce. The World Bank and GLMC will focus on providing training to emerging economies, especially those within the World Bank’s mandate, to ensure that labor policies foster prosperity and equity in the face of profound global changes.

The world’s labor market is experiencing rapid shifts, fueled by technological innovation and the growing economic influence of the Global South. These changes are reshaping industries, creating new opportunities, and presenting significant challenges for policymakers. To support the development of effective policy, the World Bank and GLMC will provide training opportunities aimed at equipping future policymakers with the knowledge and tools to shape labor markets that are sustainable and inclusive.

Several key initiatives have already been introduced to support this effort:

GLMC Labor Academy: A new three-year program, in collaboration with the World Bank and Takamol Holding, aims to develop experts in global labor markets. This academy will focus on training policymakers from middle- and low-income countries, providing them with access to the World Bank’s expertise and GLMC’s global network. The inaugural group of the GLMC Labor Market Academy launched in Riyadh this week, where over 26 countries participated in a program that combined learning and exchange. The course, taught by World Bank experts, focuses on labor markets, social protection, skills development, and workforce issues.

GLMC-World Bank Policy Labs:

These specialized platforms will provide in-depth discussions on specific policies, programs, and strategies that can improve labor market outcomes. At the upcoming GLMC conference in Riyadh on January 29-30, 2025, the two organizations will host two Policy Labs addressing key challenges: youth unemployment and skills mismatches. The labs will focus on Active Labor Market Programs (ALMPs) to address youth employment and how Sectorial Skills Councils (SSCs) can help bridge the skills gap through private sector participation.

Innovative Research and Policy Insights

Alongside training, the partnership will produce vital research aimed at providing actionable insights to policymakers worldwide. One of the first joint research outputs is the Making Labor Markets Work for the Youth report. This paper explores the growing issue of youth inactivity in the labor market, proposing interventions to improve outcomes for young people and highlighting successful global initiatives. The research will help policymakers create frameworks to address the socio-economic challenges of youth unemployment.

World Bank Country Director for GCC countries, Safaa El Tayeb El-Kogali, emphasized the importance of this expanded partnership, saying, “We are proud of the long-standing collaboration between GLMC and the World Bank. Today, we are taking our partnership to a new level by jointly fostering knowledge exchange and sharing best practices with the global community.” She also highlighted the urgency of addressing critical global issues such as the rise of artificial intelligence, the growing youth unemployment challenge, and the need for green jobs.

Through this expanded partnership, the World Bank and GLMC are paving the way for a more inclusive and dynamic global labor market. By combining innovative research, training, and policy development, the two organizations are ensuring that the policymakers of tomorrow are equipped to meet the challenges and opportunities of a rapidly changing world.

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