The story of economic progress is a story of economic change. It is a story in which whole industries can rise and fall, replaced by new ideas and innovations, which demand new skills. This relentless process of transformation has built the global economy of today, bringing growing prosperity for billions of people around the world – and it has made the ability to adjust and adapt an essential element of economic success. Now, as before, individuals, firms and societies are striving to respond to rapidly evolving economic conditions in order to share in the benefits. The difference today is the remarkable speed at which these changes are occurring.
The 2017 World Trade Report takes a closer look at this phenomenon. It focuses on trade and technology as two of the most powerful drivers of economic progress, and examines their effect on labour markets in both developed and developing countries.
The report finds that trade and technology are vital sources of economic growth. They drive up productivity, encourage the exchange of ideas, increase access to products and the range of products available, lower prices and improve living standards. Looking specifically at the labour market, they have a range of effects that are positive overall. For example, evidence highlighted in this report shows that trade’s impact on a country’s labour market is to increase overall employment and real wages. However, while the overall picture is very positive, with most regions, sectors, and individuals benefitting considerably from trade, it is important to acknowledge that others can lose out. The same is true, to a much greater extent, with technology. Clearly, benefits spread over the whole economy are of little comfort to someone who has lost his or her job, and therefore developing effective policies to support people to adjust is essential. We need to ensure that the benefits of economic progress reach everybody.
There are many potential investors among participants at the St. Petersburg International Economic Forum. The heads of four completely different Russian regions discuss their expectations for the event and what they have to offer business.
The report titled Proposals for Russias Migration Strategy through 2035 has been prepared by the order from the Centre for Strategic Research. The period that followed the disintegration of the Soviet Union proved to be challenging
for Russia from the perspective of politics, socioeconomics, demographics and migration. The unfavourable demographic trends and the declining and ageing of the population
were partially offset by an influx of temporary and permanent migrants from
other post-Soviet states. But numerous errors in the migration policy led to a decrease in Russias migration attractiveness, turning migration into a source of social tension and an instrument of political infighting.