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Investing in Job Creation


The 112th Session of the International Labour Organization Conference (ILC), organized by @International Labour Organization, continues to underscore the importance of promoting decent work and economic growth, aligning closely with Sustainable Development Goal 8 (SDG 8). According to the Organization for Economic Co-operation and Development (OECD), countries have an average unemployment rate of 4.9%, the lowest in decades. This rate has led to labor and talent shortages, exacerbated by factors such as declining working-age populations and the pandemic. In today's economic landscape, job creation is paramount; targeting industries with high growth potential is essential when investing in job creation. These industries, through development and expansion, can generate both direct and indirect employment opportunities at a higher rate.


HIGH POTENTIAL INDUSTRIES

In the light of the ILC 2024, investing in job creation is viable across industries; however, maximizing outcomes requires pinpointing sectors with the highest potential for direct and indirect job generation. An industry's job creation potential varies based on factors like economic structure and industry competitiveness, varying by country. The World Economic Forum (WEF) highlights industries such as energy and materials in the US and China, digital communications in Europe, and care services globally. These industries offer significant investment opportunities supported by robust research. Additionally, investment should target industries specific to each country.


IMPORTANCE OF CREATING INDIRECT JOBS

The importance of indirect jobs, also referred to as secondary or spin-off roles, should also be highlighted. These jobs stem from economic activity generated by an industry or business but are not directly linked to it. Despite this, they hold significant importance in the economy, functioning as a manifestation of the economic multiplier effect. According to the WEF, such jobs' ripple effect diversifies employment within regions, making local economies more resilient to industry-specific fluctuations. For instance, jobs created in supply chain and logistics lead to roles like warehouse and transportation workers, showcasing how certain industries can generate both direct and indirect employment opportunities.


Investing in job creation not only cultivates a landscape ripe with job opportunities but also tackles economic disparities and diminishes poverty. Prioritizing high-potential industries in countries with robust potential transcends mere economic strategy; it becomes a social and moral obligation. Such endeavors pave the way for the creation of more jobs, both direct and indirect. These, in the long run, can bolster the development of stronger, more sustainable, and more resilient economies. The insights shared from all involved sectors, such as in the ILC 2024, can help in pinpointing the industries with the highest potential for direct and indirect job generation, thereby maximizing the outcomes of job creation efforts.


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