Abstract
Labour shortages or mismatches are a major factor inhibiting investment and economic development across APEC. In order to establish an appropriate regional response to the supply of skilled labour it is necessary to adopt a comprehensive strategy for monitoring labour force demand and supply across the APEC region. This report contributes towards that task and Chapter 1 outlines this reasoning. Chapter 2 presents a review of the recent literature on labour market shortages and imbalances. It provides a definition of skill imbalance, an analysis of causes and a review of mechanisms for identifying and measuring skill imbalances. While methods and indicators for identifying skill imbalances all have practical uses they need to be applied with due recognition of their limitations, especially with respect to forecasting. Quantitative data and modelling are essential elements of effective monitoring, but need to be supplemented with qualitative assessments drawn from employers and other labour market participants in order to understand the complex economic and social forces that drive labour shortages and oversupply. A major task for APEC is to develop a region-wide measure of skills imbalances that can be easily applied across all 21 member economies.
Original language | English |
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Place of Publication | Singapore |
Commissioning body | Asia-Pacific Economic Cooperation (APEC) |
Number of pages | 77 |
Publication status | Published - 2014 |