Strategies for the New Economy

The report argues that traditional 'learn, do, retire' career models and proxy signals like degrees are outdated and exacerbate social inequality. It advocates for a 'skills-based labour market' where skills are the primary currency, enabling lifelong learning and better job-matching. The document outlines ten strategies across learning ecosystems, workforce ecosystems, and enabling environments, supported by case studies from entities like Coursera, Infosys, and various national frameworks.

• The traditional linear career model of 'learn, do, retire' is insufficient for the Fourth Industrial Revolution (4IR), as core skills for most roles are predicted to change by an average of 42% by 2022.
• Current labour market proxies, such as educational brand and formal qualifications, contribute to socio-economic inequalities because family educational background often predicts future outcomes.
• To improve the learning ecosystem, the report suggests shifting from credit-based course certification to competency-based models that measure demonstrated proficiency rather than time spent in a course.
• The report identifies a need for a 'common currency' of skills to allow for portable certifications, suggesting the use of shared skills taxonomies and distributed ledger (blockchain) technology for logging qualifications.
• Workforce management should evolve from filling fixed job architectures to a network of jobs that continuously matches clusters of skills to evolving requirements.
• The report emphasizes that a competency model must integrate three pillars: knowledge (facts and theories), skills (application), and attitudes (consistent behaviours and emotional intelligence).
• Educational technology (edtech) is projected to grow by 17% per annum to $252bn by 2020, but its potential is hindered by a lack of alignment with comprehensive skills frameworks.
• Case studies illustrate diverse national and corporate approaches: Finland integrates cross-functional competencies across all subjects; Singapore's SkillsFuture coordinates a national movement for skills mastery; and companies like AT&T and Infosys are implementing internal reskilling programs to foster lifelong learning.

APA

Jesuthasan, R. (2019). Strategies for the New Economy. World Economic Forum. http://www3.weforum.org/docs/WEF_2019_Strategies_for_the_New_Economy_Skills.pdf

Chicago

Jesuthasan, Ravin. Strategies for the New Economy. World Economic Forum, 2019. http://www3.weforum.org/docs/WEF_2019_Strategies_for_the_New_Economy_Skills.pdf.

Wikipedia

{{cite report |last1=Jesuthasan |first1=Ravin |title=Strategies for the New Economy |publisher=World Economic Forum |date=January 2019 |url=http://www3.weforum.org/docs/WEF_2019_Strategies_for_the_New_Economy_Skills.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{jesuthasan2019strategies, author = {Jesuthasan, Ravin}, title = {{Strategies for the New Economy}}, institution = {World Economic Forum}, year = {2019}, month = jan, url = {http://www3.weforum.org/docs/WEF_2019_Strategies_for_the_New_Economy_Skills.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }