Moves by major economies saved 21 mn jobs: ILO | business | Hindustan Times
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Moves by major economies saved 21 mn jobs: ILO

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 Organisation (ILO).

business Updated: Apr 21, 2010 11:16 IST

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 Organisation (ILO).

The results of the new ILO study were presented to a meeting of G20 labour and employment ministers in Washington on 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.