World Bank and Global Labor Market Conference Forge New Partnership for Future Labor Policies

Strengthening Labor Policies for the Future



In a significant move towards shaping labor regulations and policies, the World Bank has entered into a new three-year partnership with the Global Labor Market Conference (GLMC). This collaboration marks a comprehensive expansion of their existing strategic relationship, focused on equipping future policymakers with the necessary insights and tools to address pressing labor market challenges.

Training the Next Generation of Policymakers



Aimed primarily at developing countries within the World Bank’s mandate, the training initiatives will prepare a new cadre of labor market policymakers. These professionals will be equipped to develop equitable and sustainable labor markets, understanding the intricate dynamics brought about by the rapid rise of the Global South and remarkable technological advancements affecting labor markets globally. As automation and digitalization reshape economies, the demand for policyand skilled leaders becomes increasingly urgent.

The GLMC Labor Academy, a cornerstone of this initiative, is designed to cultivate international labor market experts who can influence policies across various sectors. This unique program, developed in collaboration with Takamol Holding, offers a platform for knowledge exchange, fostering growth among middle and low-income countries. The inaugural session of the GLMC Labor Market Academy took place recently in Riyadh, attracting labor market policymakers from over 26 nations. Taught by experts from the World Bank, these sessions equip participants with cutting-edge knowledge and frameworks to confront the evolving challenges of labor markets effectively.

Collaborative Platforms for Policy Development



The partnership further introduces GLMC-World Bank Policy Labs, which serve as platforms for intensive discussions on specific policies and instruments that influence labor market outcomes. These labs emphasize two primary themes critical to contemporary labor issues: tackling youth unemployment through Active Labor Market Programs (ALMPs) and enhancing skills development with private sector involvement via Sectorial Skills Councils (SSCs).

During the ongoing GLMC event, these Policy Labs will detail actionable strategies designed to improve labor market conditions, highlighting the urgent necessity for innovative approaches to workforce development.

Insights and Research for Inclusive Growth



A pivotal element of this collaboration is the commitment to joint research, which aims to advance inclusive labor market policies. By analyzing current trends and challenges, the partnership aspires to develop frameworks that will support emerging economies in navigating labor market complexities. This week, the GLMC and the World Bank will publish a new approach paper titled Making Labor Markets Work for the Youth, focused on the significant issue of youth inactivity in labor markets. This paper will extend a framework for prioritizing interventions that enhance youth labor outcomes and highlight successful initiatives globally, reflecting the partnership's dedication to proactive and informed policymaking.

Safaa El Tayeb El-Kogali, the World Bank's Country Director for Gulf Cooperation Council (GCC) countries, remarked on the importance of this partnership, asserting their shared mission to innovate labor policies. As the nature of work evolves, the World Bank and GLMC remain committed to fostering knowledge exchange and best practices within the global labor community.

With challenges such as artificial intelligence proliferation, rising youth unemployment, and the emergence of green jobs, targeted initiatives under this expanded partnership promise to enhance the resilience and inclusivity of the global workforce.

As policymakers emerge from the GLMC Labor Market Academy, they will constitute a forward-thinking network poised to steer labor market innovations, ensuring regulations accommodate the modern-day workforce's demands. This partnership between the World Bank and GLMC stands as a beacon of proactive governance in an era marked by rapid change and intensive development requirements.

Topics Policy & Public Interest)

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