BLOG SURF: Labour force
In the past three decades, economic growth in Asia has been the envy of the world. This was driven in part by millions of workers who had completed their basic education and who were willing to work for low wages.
Asia’s education systems provided hard skills, including technical and vocational skills such as machine operation and welding, as well as the soft skills like literacy and numeracy that were needed to capture a share of global production and catch up with the rest of the world.
The basic education and skill set that powered ‘factory Asia’ to its current success is not enough to move the region to the next level of development.
The world is transforming in six ways that have an impact on how to train and educate people in Asia for today’s global economy: Labour force participation has been affected by the so-called Great Doubling in the 1990s, with the entry of the People’s Republic of China, India, and the former Soviet Union into the global economy.