Despite a challenging year, worker future is bright, according to a new Special Report from The Economist

LONDON, UNITED KINGDOM—April 8, 2021—The Economist, one of the world’s most trusted sources of global news and analysis, has a new Special Report titled “The Future of Work.” The report, which is live today and in the April 10 print edition, explores how work will change over the medium term, with a focus on the covid-19 pandemic. The report looks at the pandemic’s enormous impact on labour markets and how overall, it will make the world of work better than it would otherwise have been.

The jobs numbers a year ago were grim. Unemployment across the rich world (those in the OECD) rose from 5% to 9% in April 2020. In its June 2020 forecasts, the OECD foresaw worse to come. If there were a second wave of covid-­19 at the end of the year, it said, unemployment would reach 12.6% before inching downwards. But by the end of 2020 it was 6.9%, half the level that the OECD had feared.

The coming wave of jobs will not catch everyone, at least not for a while. But it will be broader and more powerful than even optimistic pundits had predicted.

How work is changing and improving:

Labour gains: The post-pandemic labour market has the ability to regain previous heights and start working for people of all backgrounds again. Remote work will give workers more flexibility in how they can earn their living.

The shock: Labour markets have coped better than expected. Low unemployment and decent wage growth will recover fairly quickly. The pandemic has created new employment needs and opportunities, from contact-tracers to Zoom trainers.

Working from home: Work from home will influence, but not likely rule out, the return to the office, striking a better balance for many. Seeing a child or pet on a video call has added a positive human element to many workplace interactions. Managers will also have to up their game, leading to welcomed transparency and increased communication with employees.

Automation: Warnings of a jobless future are overblown. Changes to the labour market via automation and robotics will be barely perceptible. Automation can create more demand for goods and services by lowering costs of production, while boosting jobs that are hard to automate.

How to think about work: Pessimism about the labour market is widespread, but overdone. Employment law must make changes to improve worker bargaining power. History has shown that the labour market is resilient, and the pandemic has highlighted necessary changes, which should lead towards a more efficient and fairer world of work.

For more information or to interview Callum Williams, senior economics writer, about this Special Report, please contact:

US TomAmos@economist.com / UK JessicaKeating@economist.com

About The Economist (Economist.com)

With a growing global audience and a trusted reputation for insightful analysis, The Economist is one of the most widely recognised sources covering current affairs in the world. In addition to the weekly digital and print editions and website, The Economist publishes Espresso, a daily news app, and Global Business Review, a bilingual English-Chinese product. The Economist produces several podcasts each week and short- and long-form video. The Economist maintains robust social communities on Facebook, Twitter, LinkedIn and other social networks. A recipient of many editorial and marketing awards, The Economist was named the most trusted news source by the 2017 Trusting News Project Report.