Global Economy, Economic Environment, Labor, Money & Finance, GDP
The global spotlight has been on the troubled Indian economy in recent weeks as investors fear that a plunge in the rupee will evolve into a destabilizing financial and economic crisis. The current turmoil is partially a function of broad emerging market difficulties but also very much reflects unique growing problems brought about by an inefficient regulatory regime, a shortage of skilled labor, widening fiscal and current account deficits, and poor economic governance. Nonetheless, while the moment is indeed troubling for India, U.S. manufacturers need not worry about a repeat of the severe 1991 balance of payments crisis. External debt is much lower than during that year and foreign exchange revenues are able to cover short-term obligations. Indian policymakers, however, do have to heed current distress signals and take action. Otherwise, this large and globally important country faces a bleak future.
Global Economy, Economic Environment, Labor, Leadership, Human Resources, Recruiting & Hiring
After three decades of fast economic expansion, China’s labor market has gone through significant changes. While the dwindling supply of young migrant workers has been widely reported for several years, the growing skills shortage is now attracting more attention. The potential talent pool appears to be enormous and so the talent shortage challenge seems puzzling.