IANS | 21 Apr, 2010
Policies
initiated by the Group of 20 (G20) major economies in response to the
economic crisis have saved or created some 21 million jobs since last
year, according to the UN's International Labour Organization (ILO).
The results of the new ILO study were presented to a meeting of G20
labour and employment ministers here Tuesday by the agency's
director-general, Juan Somavia.
The gathering, he said, "highlights the importance that leaders of the
G20 countries put on having quality jobs at the heart of the recovery.
And for the future we need an employment-oriented framework for strong,
sustainable and balanced growth."
G20 nations responded to the global crisis on a rapid and decisive
scale, according to the ILO report, with monetary policy actions taken
in late 2008 to stabilise weak economies quickly followed by fiscal
measures to sustain and spur employment and protect workers and
households.
But the report, entitled "Accelerating a job-rich recovery in G20
countries: Building on experience", also noted that the labour market
had remained slack since 2008, despite signs of economic recovery.
Informal employment and poverty is rising in some developing and
emerging economies, while real wages have recorded weak growth in
countries at all income levels.
The new study also found that the pace of job growth hinges on the level of recovery in output and in employment.
While acknowledging the need for fiscal consolidation, ILO underscored
the need to not prematurely activate exit strategies from the
extraordinary stimulus measures launched last year, since in many
countries, growth remains fragile and private sector demand is still
weak.
The agency identified several policy challenges for a sustained
recovery in jobs, including consolidating social protection in all
nations to support more balanced economic and social development.