International Labour Organisation (ILO) released a report titled G20 Labour markets: outlook, Key challenges and policy responses on 9 September 2014. The report was released at a G20 Labour and Employment Ministerial Meeting in Australia.
The report was prepared for the G20 Labour and Employment Ministerial Meeting (LEEM) by the International Labour Organization, the Organization for Economic Cooperation and Development (OECD), and the World Bank Group.
• The report revealed that said about 100 million people were unemployed in G20 economies and 447 million considered working poor who lives on less than 2 US dollars a day.
• An extra 600 million jobs needed to be created worldwide by 2030 to cope with the expanding population.
• There is no magic bullet to solve this jobs crisis, in emerging markets or advanced economies.
• The report reveals that there is a shortage of jobs and quality jobs. There is a wage and income inequality widening within many G20 countries although progress has been made in a few emerging economies, like Brazil and South Africa.
• The report also highlights social protection, social dialogue, rights at work, and workplace safety as areas in need of further action.
• Emerging market economies had done better than advanced G20 countries in job creation, especially by China and Brazil but the outlook was bleak.
• In November 2013, G20 leaders called for each member country to develop growth strategies and employment action plans in the face of below trend growth.
• G20 emphasized the need for coordinated and integrated public policies, along with resilient social protection systems, sustainable public finance and well-regulated financial systems.
• Earlier in 2014, G20 finance ministers and central bank governors meeting agreed to work towards lifting their collective gross domestic product by more than two percentage points over the next five years.
When: 9 September 2014