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The Director General of International Labour Organisation (ILO), Guy Ryder has urged leaders to accelerate inclusive development to respond to growing employment and equality challenges.
He also welcomed the commitment taken by G20 leaders to tackle rising inequality and job deficits.
The ILO Boss in a statement said: “Leaders from across the G20 countries spoke frankly about the economic and political risks caused by slow growth and weak employment prospects,” he said at the end of the two day-meeting in Hangzhou.
“The agreements reached at the Hangzhou Summit show signs of a shift towards a more balanced policy response to the challenges of slow growth, high unemployment and underemployment, inequality, and continuing rapid structural change,” he commented.
Addressing inclusiveness the Summit communiqué commits the G20 to “work to ensure that our economic growth serves the needs of everyone and benefits all countries and all people including in particular women, youth and disadvantaged groups, generating more quality jobs, addressing inequalities and eradicating poverty so that no one is left behind.”
It also emphasizes, that for sustainable development “strengthened labour market institutions and policies can support productivity and promote decent work, and therefore higher, sustainable wage growth, in particular for the low-income workers.”
Speaking at the Summit, Mr Ryder stressed that “the imperative of setting the interconnected global economy on a faster and more inclusive development trajectory is urgently and widely felt as are the dangerous consequences of failure”.
He pointed out that globally, unemployment and underemployment was high and rising, wage incomes stagnant and inequality widening. Youth unemployment was rising again and likely to reach 13.1 per cent in 2016, close to its historic peak; meaning 71 million jobless young people.
The ILO Boss in a statement said: “Leaders from across the G20 countries spoke frankly about the economic and political risks caused by slow growth and weak employment prospects,” he said at the end of the two day-meeting in Hangzhou.
“The agreements reached at the Hangzhou Summit show signs of a shift towards a more balanced policy response to the challenges of slow growth, high unemployment and underemployment, inequality, and continuing rapid structural change,” he commented.
Addressing inclusiveness the Summit communiqué commits the G20 to “work to ensure that our economic growth serves the needs of everyone and benefits all countries and all people including in particular women, youth and disadvantaged groups, generating more quality jobs, addressing inequalities and eradicating poverty so that no one is left behind.”
It also emphasizes, that for sustainable development “strengthened labour market institutions and policies can support productivity and promote decent work, and therefore higher, sustainable wage growth, in particular for the low-income workers.”
Speaking at the Summit, Mr Ryder stressed that “the imperative of setting the interconnected global economy on a faster and more inclusive development trajectory is urgently and widely felt as are the dangerous consequences of failure”.
He pointed out that globally, unemployment and underemployment was high and rising, wage incomes stagnant and inequality widening. Youth unemployment was rising again and likely to reach 13.1 per cent in 2016, close to its historic peak; meaning 71 million jobless young people.
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