Slow Recovery to Nowhere? Labor Market Issues in Advanced Economies: Introduction
A decade ago, the world faced the prospect of the next Great Depression. The worst did not come to pass. In the 1930s, the unemployment went up to 25% in some countries.
This time the average unemployment rate for advanced economies did increase sharply to over 8% in 2010 from 5 ½ % in 2007 but has since slowly returned to its level before crisis, as shown in Fig. 1 (International Jobs Report 2017).