G20 Labour and Employment ministries meeting, 12-13 July, Beijing
In a briefing to G20 Labour and Employment ministries meeting in China, Guy Ryder has raised concerns that poor prospects for economic growth risk becoming entrenched.
G20: Facts and figures
- Annual economic growth in the G20 as a whole averaged only 3.2 per cent over the last three years, well below the rate of 4.1 per cent registered in the pre-crisis period.
- The G20 unemployment rate – which rose from 5.1 to 6.0 per cent between 2007 and 2009 – remained elevated at 5.8 per cent in 2014.
- This has resulted in an estimated shortfall of 50 million jobs across the G20 compared to the start of the crisis.
- Labour force participation rates have declined in several G20 countries, in part because discouraged workers have left the labour market.
- Overall, employment growth remains well below pre-crisis levels across the G20.
- Much of the net new employment created between 2009 and 2014 was part-time.
- Inequality has risen in most G20, reducing current and potential growth and working against Leaders’ goal of strong, sustainable and balanced growth and additional 2% growth.
ILO, OECD, World Bank group and IMF - September 2015
ILO, IMF, OECD, World Bank group - September 2015
ILO, OECD, World Bank - September 2015