Question

Why are steady, formal jobs—such as many take for granted in rich countries—so scarce in low- and lower-middle-income countries; and what can be done to promote formal job creation?​

Answer 1

Rich countries take steady, formal occupations for granted because there is essentially no competition for them. However, owing to the high population density, such jobs are limited in low- and lower-middle-income countries.

All job creation techniques have the same goal: to promote healthy economic growth. Economists agree that yearly growth rates of 2% to 3% are sustainable. To employ new people necessitates typically the creation of 150,000 new formal jobs per month. Capitalism encourages small enterprises to compete, resulting in new ways to meet consumers' demands.