The EBRD understands that work plays a key role in all of our lives and that it is something we value. The bank also wants to foster the transition to an open market-oriented economy and to promote entrepreneurship in the economies where it invests.
To do this, the EBRD needs to analyse and understand the process of transition. Their report entitled "Work in Transition" addresses the transformation happening to work itself – both in advanced economies and emerging markets. EBRD's report analyses across EBRD's regions of operation, the social impact of new trends in work patterns, one of the most important challenges facing the world today
"Understanding the ongoing transformation of work is crucial for the EBRD. Our objective is certainly not to create jobs. Although we are a public institution established and owned by national governments, we strongly believe that governments are not responsible for the direct creation of employment," says Sergei Guriev, Chief Economist, EBRD. "However, our job is to support the development of sustainable market economies where the private sector is able to create good jobs. That is why we need to understand the factors that are driving changes in the quantity and the quality of work in today’s – and, even more so, tomorrow’s – economy."
Analysing major work transformations
EBRD's Transition Report analyses three aspects of the transformation of work: demographic shifts in the economies of the EBRD regions; issue of technological change and automation, as well as the supply of and demand for skills; and cross-border and internal migration.
The report addresses the following areas:
EBRD's report examines the interplay between demographic change, technological advances, migration and urbanisation, showing that these result in both threats and opportunities.
Finding solutions
EBRD's report makes concrete proposals on how to deal with rapidly ageing workforces in some societies and the fast-growing numbers of young people looking for work in others. It reviews the impact of these changes on healthcare and education policies in emerging economies. The report also finds ways to promote investments that will help contain the emigration of workers from poorer countries and deal more effectively with the integration of migrants in richer ones.
EBRD's report also looks at how governments can best respond to the growing trend towards urbanisation as workers in search of employment move away from rural areas. The report provides a comprehensive overview of progress with structural reforms in individual countries as the bank works to help develop effective market economies.
"This report will help EBRD gain a better understanding of what the economies of the EBRD regions need to do to leverage rapid changes in the nature of work and deliver for its citizens. The report finds that there is no exact solution. While the transformation of work will pose major challenges for policymakers, EBRD's overall message is optimistic," says Sergei. "Increases in life expectancy, technological progress and geographical shifts towards areas where workers can be more productive and lead more fulfilling lives can all result in tangible aggregate benefits. Moreover, a fair distribution of those benefits is eminently feasible. The future of work will itself entail plenty of work, but that future can and should be a bright one."
Read more about the EBRD report
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