A global jobs crisis is looming — and here's how to tackle it, says Singapore's president

Singapore's president, Tharman Shanmugaratnam, warned of a looming global job crisis at the World Economic Forum in Davos, highlighting that 1.2 billion new workers will compete for only 400 million jobs over the next decade. He emphasized the need for a comprehensive overhaul of education and labor force training to address this challenge. Shanmugaratnam pointed out the mismatch between academic education and the technical skills required by employers, which has left many graduates jobless. He stressed the importance of equipping workers with a broad range of abilities and soft skills to succeed in their careers.

Shanmugaratnam also discussed the impact of artificial intelligence on employment, urging governments and employers to invest in workers to ensure AI complements rather than replaces their skills. He highlighted the vulnerability of informal sector workers in developing countries, who often lack job security and opportunities for skill development. He called for countries to follow Singapore's lead in providing benefits to gig workers and ensuring skill development over time.

Key takeaways:

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Singapore's president warns of a global job crisis with 1.2 billion new workers competing for 400 million jobs over the next decade.
An overhaul of education and labor force training is needed to address the mismatch between academic education and employer demands.
Artificial intelligence could displace workers, necessitating investment in skills development to ensure AI complements rather than replaces human labor.
Countries should provide gig workers with benefits and skill development opportunities, following Singapore's example.

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A global jobs crisis is looming — and here's how to tackle it, says Singapore's president

Key takeaways:

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