The World Bank has warned worldwide jobs crisis which will hit the global economy badly in coming future.
World Bank released a study at an ongoing G20 Labour and Employment Ministerial summit in Australia on Tuesday. The study claimed that extra 600 million jobs needed to be generated globally by 2030 only to cope with the growing population.
“There’s little doubt there is a global jobs crisis,” said the World Bank’s senior director for jobs, Nigel Twose.
“As this report makes clear, there is a shortage of jobs, and quality jobs. And equally disturbingly, we’re also seeing wage and income inequality widening within many G20 countries, although progress has been made in a few emerging economies, like Brazil and South Africa,” Nigel Twose added.
The report also said that over 100 million people were jobless in G20 economies and 447 million were considered “working poor” earning less than $2 a day.
“There is no magic bullet to solve this jobs crisis, in emerging markets or advanced economies,” said Twose.
“We do know we need to create an extra 600 million jobs worldwide by the year 2030 just to cope with the expanding population.”
“That requires not just the leadership of ministries of labour 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.”
“Coordinated policies in these areas are seen as the foundation for sustainable, job-creating economic growth,” the report said.
(With input from Times of India)
Tags: global jobs crisis World Bank
