Introduction
Labor and employment are significant issues nowadays since they rely on many factors, ranging from sociopolitical to economic factors. As a result of such circumstances, it is vital to control the employment rate and opportunities for workers while sustaining the state’s economic well-being. However, many situations must be considered, such as recessions and future patterns of the labor markets. Although the problems of the past include the 2008 financial crisis, nowadays, the labor market depends heavily on the trends in technology, which requires much research.
The Future of the Labor Market Globally and in Egypt
On a macro level, technology can influence the labor market’s future significantly. Artificial intelligence (AI) and technology advancements, such as operation automation, play a crucial role in the growth of companies (Manyika & Sneader, 2018). In this case, with artificial intelligence and automation able to increase the speed of operations and provide more effective outcomes, many people can be at risk of being replaced.
As a result, many professions can be eliminated from the markets, leaving countless people jobless. At the same time, the demand for workers in engineering, data analysis, and technology can rise (Manyika & Sneader, 2018). Therefore, the future trends of the labor market are based on progress.
On a micro level, the labor market in Egypt can experience challenges. Currently, in Egypt, there are 19 million people between the ages of 18 and 29, or 25 percent of the population (International Labour Organization, 2020). In the country, employment growth has lagged behind the population’s increase in working-age people for the past 20 years (International Labour Organization, 2020).
Therefore, with more people entering the workforce each year, such statistics can be concerning. Future trends can continue without additional efforts to change the situation. In Egypt, policies should be aimed at providing young experts with work experience to balance the country’s population and employment rates.
Global and U.S. Employment During the 2008 Recession
The Great Recession, which began in the U.S. in December 2007 and affected the rest of the world, is to blame for the contraction in worldwide labor. By the end of 2008, the unemployment rate in the U.S. had increased to 7.2%, eventually reaching 10% in 2009 (Albarran, 2016). In this case, it can be seen that the bigger the crisis, the more prolonged the recovery stage, with rates such as unemployment being the most susceptible to drastic changes. However, the recession influenced other nations as well. The unemployment rates in some countries, in both European, African, and Asian regions, differed.
For example, the unemployment rate in Nigeria was 7.5%, in Argentina, it was 7.5%, the United Kingdom faced a rate of 5.4%, and in Japan, it was at 3.0% (Albarran, 2016). Meanwhile, some countries experienced more drastic changes. The countries with the highest rates are South Africa, with an unemployment rate of 25.7%, Greece at 25.6%, and Spain at 22.7% (Albarran, 2016). This example shows countries’ economic situations and employment and unemployment rates worldwide.
Nevertheless, economies recovered from the challenging conditions several years after the global recession. For example, as economic conditions improved, the unemployment rate gradually decreased to 5.1% in 2015 (Albarran, 2016). Meanwhile, the unemployment rate in the Eurozone was at 10% at the same time (World Bank, n.d.). Considering that the recession influenced European countries the most, it took the Eurozone longer to rebound. However, despite being the origin of the recession, the U.S. unemployment rate was not the worst.
Labor and Employment Studies in the Media Economy
Lastly, there has not been much study of media-related jobs in the academic literature, either internationally or in the U.S. One of the main reasons is that this field is changing rapidly (Department of Economic and Social Affairs, 2020). While other areas for research can remain steady for a long time, labor and employment issues in the media economy are dynamic. The research in the United States typically concentrates on surveys of recent graduates looking for industry work (Albarran, 2016).
Some studies examine employment by examining the abilities that companies need for particular kinds of work (Albarran, 2016). Additionally, many trade associations for particular media sectors lack current and reliable employment-related statistics (Albarran, 2016). Thus, labor and employment studies in the media economy are rare due to the nature of the field.
Conclusion
Hence, the 2008 financial crisis was one of the issues in the past, but today’s job market relies heavily on technological advancements, which necessitate extensive research. First, the labor market’s upcoming trends will be based on progress. Nowadays, artificial intelligence and automation play a significant role in business operations. AI and automation can make operations more efficient, replacing many workers.
However, previously, financial factors were significant determinants of the labor markets. The decline in global employment resulted from the Great Recession, which started in the United States in December 2007 and spread to other countries. Lastly, in international and domestic academic literature, there has not been much research on jobs related to the media. The fact that this field is evolving quickly is one of the primary causes.
References
Albarran, A. B. (2016). Labor and the media economy. In The media economy (2nd ed., pp. 165-180). Taylor & Francis.
Department of Economic and Social Affairs. (2020). World social report 2020: Inequality in a rapidly changing world. United Nations.
International Labour Organization. (2020). Employment for youth in Egypt (EYE): Working together in Qalyoubia and Menoufia. Web.
Manyika, J., & Sneader, K. (2018). AI, automation, and the future of work: Ten things to solve for. McKinsey & Company. Web.
World Bank. (n.d.). Unemployment, total (% of total labor force) (modeled ILO estimate) – European Union. Web.