THE VALUE OF KNOWING FOREIGN LANGUAGES IN THE LABOR MARKET
Abstract
In the processes of globalization and international economic development, knowledge of foreign languages, especially English, has become one of the main factors increasing competitiveness in the labor market. The article analyzes the impact of human capital, that is, knowledge of foreign languages, on wages, career growth and employment opportunities in the labor market. Based on international and local studies, it has been found that the income of employees who know foreign languages is on average 25-40% higher than those who do not. It is also based on the fact that knowledge of a foreign language opens up opportunities for work in international companies, increases the likelihood of career growth and provides stability against economic shocks. The article develops recommendations for increasing the value of knowledge of foreign languages in the context of the labor market of Uzbekistan.
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