Work In Progress In Chinese

Work In Progress

Economic development and growth depend on a country’s young people. With most of their working life ahead of them they make up about a third of the working-age population in the typical emerging market and developing economy. But the youth in these economies face a daunting labor market—about 20 percent of them are neither employed, in school, nor in training (the youth inactivity rate). This is double the share in the average advanced economy. Were nothing else to change, bringing youth inactivity in these economies down to what it is in advanced economies and getting those inactive young people into new jobs would have a striking effect. The working-age employment rate in the average emerging market and developing economy would rise more than 3 percentage points, and real output would get a 5 percent boost.

Works-in-progress

Work in Progress: Donald Trump’s Asia Team

President Donald Trump has hinted at a more muscular US foreign policy in the Asia-Pacific. In tweets and speeches since the election, he has adopted a hard-line on China’s island-building in the South China Sea, vowed to prevent North Korea from acquiring a functional nuclear missile, condemned Beijing over its unfair trade practices, and raised the prospect of deeper US-Taiwan relations. His Asia team is shaping up to reflect Trump’s hawkish stance towards China on trade and security. But it is also likely to be an eclectic group whose perspectives on other Asia policy issues differ both internally and with figures on the national security cabinet. Australia will have to prepare for a more turbulent US-China relationship, as well as greater uncertainty in Washington’s Asia policy.