Which jobs will boom in the coming years?
3.5 million jobs are forecast to be created in the UK over the next five years, according to a report published by global consultancy McKinsey.
The firm’s latest UK employment report says there are currently more than 5.4 million people aged 16 and over in the country, with a projected labour force of 2.5 billion by 2020.
McKinsey predicts there will be a further 1.8 million people employed in the health and social care sectors, with 3.1 million in the construction, mining, manufacturing and retail sectors.
It predicts the number of people aged between 25 and 64 will increase by 940,000 between 2020 and 2025.
“In terms of the employment, we expect that there will continue to be a very large rise in demand for labour in these industries,” McKinsey senior employment analyst Nick Hillman told The Huffington Post UK.
“That is driven by the fact that the overall UK labour market is recovering, and is now looking very much like a very strong one.”
In addition to the increase in demand, the report says the economy is expected to grow by an estimated 3.8 percent this year, reaching a total of 2 trillion pounds ($3.6 trillion) by 2025.
That will put it on track to overtake China as the world’s fastest-growing major economy in terms of total economic output.
McKenzie, which has a long history of forecasting and analyzing the future, said its report is a good indicator of the state of the UK’s economy.
“There is no doubt that the UK is now in a position to continue to add jobs,” Hillman said.
“We expect the economy to grow faster than expected in the next two years than it did in 2016.”
The forecast is for a stronger economy, but also with a higher unemployment rate than expected.
“The McKinsey report said it has already started to see an impact from the Brexit vote.
The company said it expects the UK to add around 5 million jobs this year and another 1 million in 2019.
It said it expected the number to continue growing as the economy picks up speed.
McKinney expects that the growth in the number and size of jobs will slow in the second half of the decade as the recovery from the financial crisis settles.
However, it expects Britain’s unemployment rate to fall by more than a quarter from 10 percent to around 7 percent in 2025, after which the country’s overall rate of unemployment will start to fall.
Despite the fact the UK economy has yet to reach full employment, McKinsey expects there will still be around 2.6 million people in work by 2020, more than the current total of 5.1 percent.
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