Contents -- Acknowledgements -- Executive summary -- 1. Macroeconomic challenges have worsened -- The global economic slowdown intensifies in 2012 -- Protectionism and policy incoherence could create further risks for the global economy -- The economic outlook remains cloudy -- Appendix 1. The ILO hiring uncertainty index -- Appendix 2. Public sector, social security and labour market measures in selected countries -- 2. Global labour market trends and prospects -- Unemployment is on the rise again, as job creation slows across most regions -- Understanding the scope and nature of the global jobs gap -- Trends in employment quality -- Global outlook for labour markets -- Appendix 1. Measuring skills mismatches -- Appendix 2. Decomposing changes in employment-to-population ratios -- 3. Regional economic and labour market developments -- Developed Economies and European Union -- Central and South-Eastern Europe (non-EU) and CIS -- Latin America and the Caribbean -- East Asia -- South-East Asia and the Pacific -- South Asia -- Middle East -- North Africa -- Sub-Saharan Africa -- Appendix 1. Trend unemployment during the crisis -- Appendix 2. Okun's coefficients and banking crises -- Appendix 3. ILO Short-term forecasting models -- 4. Structural change for decent work -- Introduction -- Decomposing value added per capita growth -- Labour markets benefit from structural change -- Conclusion -- Appendix 1. The decomposition of value added per capita growth -- Appendix 2. Forecasts and imputations of value added -- Appendix 3. Patterns of growth and labour market outcomes -- 5. Recovering from the second jobs dip: Challenges and policies -- Tackle uncertainty to increase investment and job creation -- Coordinate stimulus for global demand and employment creation -- Address labour market mismatchand promote structural change.

Increase efforts to promote youth employment -with a special focus on long-term unemployment for youth -- Bibliography -- Annexes -- Annex 1. Global and regional tables -- Annex 2. Unemployment projections -- Annex 3. Global and regional figures -- Annex 4. Note on global and regional estimates -- Annex 5. Note on global and regional projections -- Annex 6. Global employment trends - Regional groupings -- Tables -- Table 1. Labour market situation and outlook -- Table 2. Labour market trends in CSEE and CIS countries -- Table 3. Labour market trends and prospects in Latin America and the Caribbean -- Table 4. Labour productivity gains from sectoral reallocation -- Table 5. Exports from East Asia to the Euro area, October 2011 - April 2012 (% change, year-on-year) -- Table 6. Contributions of changes in labour productivity to value added per capita growth -- Table 7. Cross-validation results on the precision of sectoral value added share predictions -- Boxes -- Box 1. How can uncertainty lead to increased unemployment? -- Box 2. Concerns over growing skills mismatch -- Box 3. New ILO estimates of employment across economic classes in the developing world -- Box 4. What is measured by the Beveridge curve? -- Box 5. Why do some asset price bubbles have worse effects on output and employment than others? -- Box 6. Short-term sectoral forecast for the United States -- Box 7. Employment-to-population ratios in Samoa -- Box 8. Part-time work and underemployment in Indonesia -- Box 9. Youth employment in the Occupied Palestinian Territory -- Country spotlights -- Country spotlight 1. Growth and job creation in selected EU countries -- Country spotlight 2. Growth and job creation in Albania, the Russian Federation, Turkey and Ukraine -- Country spotlight 3. Growth and job creation in Argentina, Chile, Mexico and Peru.

Country spotlight 4. Growth and job creation in Hong Kong, China, the Republic of Korea and Taiwan, China -- Country spotlight 5. Growth and job creation in Indonesia, Malaysia, Singapore and Thailand -- Country spotlight 6. Growth and job creation in Egypt and Morocco -- Country spotlight 7. Growth and job creation in Mauritius and South Africa -- Figures -- Figure 1. Global and regional GDP growth estimates and projections, 2010-14 (annual % change) -- Figure 2. Global unemployment trends and projections, 2002-17 -- Figure 3. Aggregate demand contributions to real GDP growth -- Figure 4. Euro area European Central Bank loans (annualized growth rates) -- Figure 5. Quarterly world merchandise trade by region, year-on-year percentage change -- Figure 6. Policy incoherence between fiscal and monetary policy -- Figure 7. Annual change in global unemployment and GDP growth, 1999-2017 -- Figure 8. Changes in GDP growth and unemployment rates, 2011-12, selected economies -- Figure 9. Job destruction vs. unemployment duration (2007 vs. 2011) -- Figure 10. Employment-to-population ratios by sex, world and regions, 2007 and 2012 -- Figure 11. Decomposition of changes in the employment-to-population ratio, 2007-12 -- Figure 12. Output per worker growth, world and regions, selected periods -- Figure 13. Employment by economic class, 1991-2011, developing world -- Figure 14. Investment is associated with a larger middle-class (2011) -- Figure 15. Unemployment flows: Developed Economies and European Union countries -- Figure 16. The evolution of NEET rates in selected European countries and the Euro area -- Figure 17. Labour market participation gap -- Figure 18. The Beveridge curve in Developed Economies -- Figure 19. The Beveridge curve has moved outward in some advanced economies -- Figure 20. Occupational shifts.

Figure 21. The responsiveness of job creation around banking crisis -- Figure 22. Trend unemployment has increased (2011 vs. pre-crisis) -- Figure 23. Unemployment flows: CSEE and CIS countries -- Figure 24. Male and female labour force participation rate, CIS countries and Georgia, 2010 -- Figure 25. Male and female employment-to-population ratio, CIS countries and Georgia, 2010 -- Figure 26. Incidence of informal employment in Central and Eastern European Countries (2000 vs. 2010) -- Figure 27. Trends and projections for vulnerable employment and working poverty -- Figure 28. Output per worker (CSEE and CIS countries vs. Developed Economies) -- Figure 29. Decomposition of labour productivity growth: CSEE vs. Developed Economies -- Figure 30. Annual growth in Latin America, 1980-2017 (% change) -- Figure 31. Unemployment flows: Latin America and the Caribbean -- Figure 32. Informal employment in Latin America (selected countries, 2000 vs. 2010) -- Figure 33. Declining working poverty and the emergence of a consumer class in Latin America and the Caribbean -- Figure 34. Labour productivity in Latin America and the Caribbean improves less than the world average -- Figure 35. Real gross domestic product, Q4 2011 - Q2 2012 (% change, year-on-year) -- Figure 36. Trends in growth in output per worker, selected Asian countries, 2000-11 -- Figure 37. Variation in structural transformation in South Asia -- Figure 38. Disparities in labour force participation rates (2011) -- Figure 39. Youth unemployment rates in South Asia, latest available year -- Figure 40. Unemployment rates by level of education, Sri Lanka and India (latest available period) -- Figure 41. Unemployment rate in Middle Eastern countries (in %, latest year) -- Figure 42. Public sector employment (latest available year).

Figure 43. Share of women and youth in total unemployment in North Africa, 1991-2012 (%) -- Figure 44. Distribution of the working-age population in North Africa, 1991-2015 (%) -- Figure 45. Occupational distribution in Egypt by sex, 2007 (%) -- Figure 46. Occupational distribution in Morocco by sex, 2008 (%) -- Figure 47. Regional shares in the global working-age population, 1991, 2012 and 2017 (projection) -- Figure 48. Regional shares of youth population (in %), 1991-2017 -- Figure 49. Labour productivity in Sub-Saharan Africa and East Asia, 1991-2012 ('000s) -- Figure 50. Employment distribution by status in Sub-Saharan Africa, 1991, 2000 and 2012 -- Figure 51. Decomposition of value added per capita growth into its components, by region and period -- Figure 52. The relation of investment and structural change, 1999-2011 -- Figure 53. Vulnerable employment dynamics and contributors to value added per capita growth in developing economies -- Figure 54. Working poverty dynamics and contributors to value added per capita growth in developing economies -- Figure 55. Middle-class employment dynamics and contributors to value added per capita growth in developing economies -- Figure 56. Youth unemployment dynamics and contributors to value added per capita growth in developing and developed economies -- Figure 57. Dynamics in the labour force participation gap and contributors to value added per capita growth in developing and developed economies.