World’s leading economies warned over ‘global jobs crisis’
The world’s largest economies are still failing to create enough jobs and too many of those that are being produced are too low quality to generate a meaningful boost to global growth, three leading international institutions warned on Tuesday.
In a joint report prepared for the G20 labour and employment ministers meeting in Australia this week, the International Labor Organisation, the OECD and the World Bank warned that more needed to be done to create good quality jobs across both advanced and emerging economies.
“There is little doubt there is a global jobs crisis,” said Nigel Twose, the World Bank’s senior director for jobs. “There is a shortage of jobs and especially quality jobs.”
“There is really no room for complacency. More jobs with better pay contribute to household incomes, which in turn boost consumer demand. When firms see demand picking up they will invest, so creating a virtuous circle,” said Sandra Polaski, deputy director-general for policy at the ILO.
“Far too many people in emerging economies today are the working poor,” Mr Twose said, pointing to what remained a “significant and widespread challenge” for countries such as Brazil, China, India, Indonesia and South Africa.
The current recovery showed some signs of strengthening but “remains weak and fragile”, the authors warned, pointing to risks ahead if that continued.
Source: ft
