22:24 GMT +315 October 2019
Listen Live
    Business

    G20 Countries Face Jobs Crisis as Opportunities and Wages Drop: Reports

    Business
    Get short URL
    0 25
    Subscribe

    A report compiled by the World Bank, International Labor Organization (ILO), and the Organization for Economic Co-operation and Development (OECD), for the Group of Twenty (G20) Labor and Employment Ministerial Meeting in Australia, projects a substantial jobs gap and deterioration in job quality to cause a global jobs crisis, Agence France-Presse reported Tuesday.

    MOSCOW, September 9 (RIA Novosti) – A report compiled by the World Bank, International Labor Organization (ILO), and the Organization for Economic Co-operation and Development (OECD), for the Group of Twenty (G20) Labor and Employment Ministerial Meeting in Australia, projects a substantial jobs gap and deterioration in job quality to cause a global jobs crisis, Agence France-Presse reported Tuesday.

    "There is no magic bullet to solve this jobs crisis, in emerging markets or advanced economies," the World Bank’s senior director for jobs, Nigel Twose was quoted as saying by AFP.

    "We do know we need to create an extra 600 million jobs worldwide by the year 2030 just to cope with the expanding population,” Twose added.

    The study prepared for the September 10-11 G20 meeting in Melbourne revealed over 100 million people were unemployed in G20 economies in addition to 447 million who were categorized as “working poor,” earning under $2 a day. The problem is predicted to persist until 2018 unless growth gains momentum.

    "That requires not just the leadership of ministries of labor 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,” Twose said.

    The report calls on G20 leaders to address the crisis through new employment action plans and growth strategies to present during the G20 Leader’s Summit in Brisbane scheduled for November 15-16.

    G20 is a group of economies including 19 countries and the European Union (EU) which meet annually to discuss economic cooperation and development.

    Tags:
    unemployment, crisis, jobs, Organization for Economic Cooperation and Development (OECD), World Bank, Nigel Twose
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik