Answer To: HRM XXXXXXXXXXLabour Economics and Markets For the Final Project you will do a comparative study for...
Kuldeep answered on May 23 2020
Running head: Labor Economics and Markets
Labor Economics and Markets
Labor Economics and Markets
Student Name
University Name
Contents
Introduction 3
Labor Economics and Markets 3
Observations 4
Conclusion 10
References 11
Introduction
In the past five years, the Zambian economy has been hit by a series of turbulent macroeconomic challenges. The most obvious impact is the sharp decline in global copper prices, Zambia’s main source of foreign exchange earnings, severe power supply restrictions, and Kwacha’s sharp weakening of major convertible currencies. These and other factors have led to a slowdown in economic growth, reaching a trough of 2.9% in 2015 - the lowest growth since the mid-1990s. This slowdown has a particularly negative impact on the most concentrated industrial center in the Copper Mine Province - Zambia. It has led some mining companies to suspend mining operations and postpone investment, resulting in massive unemployment and affecting more than 10,000 miners and miners serving contractors. After Zambian independence in 1965, its prosperous economy relied heavily on copper exports. In 1969, the Zambian government nationalized the copper mining industry and later operated by a semi-state organization Zambia Integrated Copper Mine. By the mid-1970s, the price of copper on the world market had dropped sharply, causing the economy to decline. In the 1990s, the mining industry began to be privatized and most of the copper mines were sold. Copper Mining at Zambia at the time of the Democratic Republic of the Congo is also plagued by the copper mining industry, partly because of the low prices in the world and partly because of the constant political turmoil that has plagued the country since independence.
Labor Economics and Markets
Among the people who believe that the overall economic situation is unfavorable, the proportion of copper belt is the highest: 79.6% of the respondents in the country believe that the overall economic situation has further deteriorated. Copperbelt accounted for 84.1%, with the highest proportion of the population, saying that the overall economic situation was relatively poor (81.7% in Lusaka and 77.7% in other provinces, with a relatively low ratio) (Andersen, 2015). Understandably, men in the copper belt region are more likely than women to think the situation is worse because the mining sector is the main activity of the province and is dominated by men. With regard to their own personal economic situation, the view of unfavorable conditions is not universal: across the country, 58.4% of respondents think their personal economic situation is worse. Among those who believe that their personal economic conditions have deteriorated, the percentage of people with copper belts is the lowest, at 52.9%. The proportions of Lusaka and other provinces were 58.9% and 60.8%, respectively, which were higher than the national average (Chipili, 2015).
Observations
According to the 2014 Labor Force Survey, copper strips accounted for 15.9% of the employed population in the country. Copper strips accounted for 26.3%, which is the second highest proportion of employment in the formal sector (Lusaka is the highest, 28.0%). Copperbelt also has the highest proportion of skilled labor, management personnel, factory and machine operators and assemblers. The highest unemployment rate in the copper belt is 12.7%, and the highest unemployment rate for young people is 18.2%. The average overall dependency ratio is 86. The average working-age population is 15 to 64 years old per 100 people. The average family size is 5.3. It can be inferred that the decision to dismiss the miners has directly affected the welfare of workers (Devlin, 2010). Copper belt Province has more than 50,000 people.
Fig 1: GDP of copper prices 2011 to 2015
For this study we research "Story in the Eyes" paper published by the Zambia Institute for Policy Analysis and Research (ZIPAR) in June 2016. In this study, a survey data is used to show the impact of public opinion polls in Zambia on the slowdown in the labor market (Box 1) to assess how the recession affects...