BRICS labor markets: Competing with the largest economy

Abstract

This article presents an overview of the labor market development and employment in the BRICS countries. Being among the largest world economies, the BRICS countries are making serious efforts to ensure the sustainability of their labor markets, increase employment opportunities for the population and promote human-centered and inclusive policies based on a decent work approach. The COVID-19 pandemic has affected the BRICS labor markets and highlighted the need for its formalization to ensure the protection of workers’ rights. The countries’ national circumstances are different and so are the specific priorities of the governments in their labor market policies. BRICS cooperation on labor and employment issues allows to exchange experience, knowledge and best practices in addressing various labor market and employment challenges. Based on the discussions of the labor market situations, the BRICS member countries fine-tune their labor policies and actions. The article concludes that BRICS cooperation on labor and employment issues has become an integral part of the collaboration of the BRICS countries. The cooperation agenda will deepen the understanding of various labor market peculiarities and reinforce the solidarity actions of the BRICS countries in the field of labor and employment in the global arena. A comparison of the emerging BRICS economies with the developed and biggest economy of the world reveals that the BRICS countries have made faster progress in their efforts to restore their labor markets after the COVID-19 outbreak.