The outlook for the
global economy in 2016 is uncertain, with financial market volatility,
depressed commodity prices, and slowing in key emerging markets keeping growth
prospects muted. Brazil and Russia face continued recessionary conditions,
while China’s economic momentum continues to cool amid stock market instability
and structural challenges—all leading to a significant amount of labor market uncertainty.
Developed markets are expected to weather these economic storms with generally
moderate GDP growth, steady job creation, and stable to slowly falling
economic and labor market growth is expected to hold up in 2016, other major
Americas markets face greater challenges. Low oil prices are a factor in
Canada’s more subdued outlook, while oil prices along with political and fiscal
crises plague Brazil and other South American markets.
growth is projected across much of Europe, bringing some job growth and
declining unemployment. Meanwhile, plummeting oil prices and geopolitical
troubles are negatively impacting many economies and labor markets in Eastern
Europe and the Middle East.
Although growth in
India continues to accelerate, the slowdown in China and ongoing price weakness
in natural resources and other commodities are undermining economic growth across
many APAC markets. As a result, hiring outlooks for 2016 are somewhat subdued.
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