In a statement delivered to the 2014 Spring meetings of the IMF and World Bank, ILO DG Guy Ryder points out that if pre-crisis trends in employment growth had continued, 62 million more women and men would have been working in 2013 when global unemployment reached 202 million. Unless growth picks up, the jobs gap will widen to 75 million by 2018.
“The global economy is not yet on a path to strong sustainable and balanced growth,” Ryder said, adding, “Weak global demand is holding back job creation, wages and recovery even further and one consequence is a slowing of the pace of poverty reduction in the developing world.”
Ryder noted that income inequalities have also widened and the wage share in GDP has fallen in many countries, including the world’s largest economies where wages have lagged behind growth in productivity for over 20 years.
This trend was masked by unfettered household borrowing before the crisis and temporarily offset by financial market innovations that proved to be unsustainable. These long-term structural problems now weigh heavily on demand and slow down recovery.
See Guy Ryder's statement at the IMF Spring meetings: http://www.ilo.org/global/about-the-ilo/who-we-are/ilo-director-general/statements-and-speeches/WCMS_240966/lang--en/index.htm
Interested to know more about the IMF Spring meetings?
Visit official website http://www.imf.org/external/spring/2014/
Updates from civil society: http://www.brettonwoodsproject.org/2014/04/world-bank-imf-spring-meetings-2014/
“The global economy is not yet on a path to strong sustainable and balanced growth,” Ryder said, adding, “Weak global demand is holding back job creation, wages and recovery even further and one consequence is a slowing of the pace of poverty reduction in the developing world.”
Ryder noted that income inequalities have also widened and the wage share in GDP has fallen in many countries, including the world’s largest economies where wages have lagged behind growth in productivity for over 20 years.
This trend was masked by unfettered household borrowing before the crisis and temporarily offset by financial market innovations that proved to be unsustainable. These long-term structural problems now weigh heavily on demand and slow down recovery.
See Guy Ryder's statement at the IMF Spring meetings: http://www.ilo.org/global/about-the-ilo/who-we-are/ilo-director-general/statements-and-speeches/WCMS_240966/lang--en/index.htm
Interested to know more about the IMF Spring meetings?
Visit official website http://www.imf.org/external/spring/2014/
Updates from civil society: http://www.brettonwoodsproject.org/2014/04/world-bank-imf-spring-meetings-2014/
