It highlights that cognitive skills and STEM capabilities are crucial for future workforce in India and Asia-Pacific region, driven by growing demand for AI, data science etc.

Four key global forces shaping labor demand according to Report: 

• Economic Globalization: Global trade creates opportunities but increases competition, leading to job losses and skilled migration.  E.g. Brain drain in India 
• Shifting Demographics: Aging populations in countries like Japan and South Korea shrink labor forces.
  • While young populations in countries like India can benefit from a "demographic dividend" with investments in education and jobs.
• Technological Change : McKinsey Global Institute (2018) projected that automation could displace 15% of the global workforce by 2030.
• Climate Change: Climate disruption affects sectors like outdoor work and emergency services. 
  • In India, 32% seek reskilling due to environmental concerns. However, the green economy could create 24 million jobs by 2030.

Way Forward:

• Labor Market Information: Governments should share real-time data to guide training and curriculum, like Australia’s model.
• Inclusive Education: Programs like India’s Skill India Mission offer skills and job opportunities for marginalized groups.
• Government Financing: Public funding and incentives can reduce barriers to training, especially for small enterprises and individuals.
• Continuous Learning: Lifelong learning, upskilling and reskilling with both technical and soft skills, should be prioritized. 
  • In India, 70% of professionals seek upskilling opportunities.