The outlook for the global economy in 2016 is uncertain, with financial market volatility, depressed commodity prices, and slowing in key emerging markets keeping growth prospects muted. Brazil and Russia face continued recessionary conditions, while China’s economic momentum continues to cool amid stock market instability and structural challenges—all leading to a significant amount of labor market uncertainty. Developed markets are expected to weather these economic storms with generally moderate GDP growth, steady job creation, and stable to slowly falling employment.
Although US economic and labor market growth is expected to hold up in 2016, other major Americas markets face greater challenges. Low oil prices are a factor in Canada’s more subdued outlook, while oil prices along with political and fiscal crises plague Brazil and other South American markets.
Moderate economic growth is projected across much of Europe, bringing some job growth and declining unemployment. Meanwhile, plummeting oil prices and geopolitical troubles are negatively impacting many economies and labor markets in Eastern Europe and the Middle East.
Although growth in India continues to accelerate, the slowdown in China and ongoing price weakness in natural resources and other commodities are undermining economic growth across many APAC markets. As a result, hiring outlooks for 2016 are somewhat subdued.
This infograph about the mood of the global labor market summarizes the major trends of the latest Kelly Global Workforce Index research.