World Bank Warns Of Global Jobs Crisis

“We do know we need to create an extra 600 million jobs worldwide by the year 2030 just to cope with the expanding population.

“That requires not just the leadership of ministries of labour but their active collaboration with all other ministries — a whole of government approach cutting across different ministries, and of course the direct and sustained involvement of the private sector.”

In the face of below trend growth, Group of 20 leaders, who meet in Brisbane in November, have called for each member country to develop growth strategies and employment action plans.

They emphasised the need for coordinated and integrated public policies, along with resilient social protection systems, sustainable public finance and well—regulated financial systems.

“Coordinated policies in these areas are seen as the foundation for sustainable, job—creating economic growth,” the report said.

Earlier this year, G20 finance ministers and central bank governors meeting in Sydney agreed to work towards lifting their collective gross domestic product by more than two percentage points over the next five years.

However, an IMF report in July warned that the pledge could be wiped out by rising interest rates and weakening emerging economies.
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