Useful terms and expressions

• pay packet - зарплата

• productivity — 1)производительность 2) продуктивность

• to lag behind - отставать

• labour force participation rate - доля экономически активного населения; число работающих, безработных и лиц, ищущих работу по отношению к остальному населению.

• to drag down- снижать

Answer the questions.

1. What impact did globalization have on labour market?

2. What countries were the main driving forces of this transformation? What were the most dramatic consequences of their integration into the global labour pool?

3. What are the key labour market trends in developed economies? What have they resulted in?

4. How do knowledge indicators in emerging economies compare with those in rich countries? How will the situation change in the near future, according to the recent study by the McKinsey Global Institute?

5. What is the key labour market concern in industrialized economies? What is essential for further income growth?

6. What according to the author are the likely consequences of these labour market developments? What steps can governments take to reduce the negative effects?

Exercise № 8

Find in the text the words and word combinations that match the following definitions.

1. the amount of money a person earns –

2. the average span of time between the birth of parents and that of their offspring (generally considered to be about thirty years) –

3. economies in the low- to middle-income category that are advancing rapidly and are integrating with global and product markets –

4. to proceed at the same speed as –

5. a period of 10 years 

6. to achieve less than someone or something else –

7. a pattern or process of change, growth or activity –

8. ending your working or professional career –

9. the total number of people who are eligible to work -

10. an excessive quantity –

11. to make something less severe, serious or painful –

12. a reduction in taxes that encourages companies or people to do something that will help the country’s economy –

13. a domestic unit consisting of the members of a family who live together with nonrelatives such as servants 

Exercise № 9

Explain or paraphrase the following sentences.

• The working world was much cosier in 1980.

• The integration of China's and India's masses into the world's labour market lifted legions out of poverty.

• India's performance lagged behind China's because it struggled to move workers away from agriculture.

• These two trends strengthened the hand of capital relative to labour.

• The transition from soil-scratching powered rapid growth.

• In rich countries, competition from millions of new, low-skilled workers has acted as a drag on wages for less-skilled ones in advanced economies.

• The centre of gravity of human capital and innovation is likely to shift towards Asia.

• These developments will lead to big skills imbalances.

• Tax incentives would encourage households to “outsource” household chores to paid workers.

• The global labour-market will be 3.5 billion strong in 2030.

READING AND SPEAKING III

Read the article and do the assignments that follow.