Recovery with a Human Face
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Recovery with a Human Face

A discussion on alternatives for a socially-responsive crisis recovery
 

April 26th, 2014

4/14/2014

 
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/


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    This e-discussion is intended to facilitate the exchange of knowledge and to
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    the interpretations and p
    ositions expressed by contributors do not reflect the policies of ILO. 

    “We, the Peoples” are the first words of the UN Charter. The UN was founded in 1945 and
    mandated to respond to the needs and rights of all persons, in every country of the world. In this spirit of social justice, a real world recovery means a recovery for all
    persons, not simply the recovery of a few economic indicators and
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