Global labour markets GapFill

Over the last 40 years the global workforce has grown considerably. In 1980 the size of global labour was estimated at 1.2 billion people. This has risen to an estimated 3.3 billion people by 2022. The large increase can be mostly attributed to the urbanisation of rural workers in  richdevelopeddevelopingundeveloped nations – particularly  the United StatesRussiaChinathe United Kingdom.

Large swathes of labour in developing nations have thus moved from the  quaternary sectorunemployed sectorprimary sectorsecondary sector to the  quaternary sectorsecondary sectortertiary sectorprimary sector of the economy. This has enabled labour in developed nations to move increasingly into the  primary sectorsecondary sectortertiary sectorquaternary sector of the economy. These changes have enabled the developed world to benefit from cheap consumer goods being manufactured abroad in countries with lower  inflationinterest ratesgrowthwages. At the same time demand in developed nations has stimulated  interest rateswagesinflationgrowth in developing nations.