Monday, January 20, 2014
Tweet[IWS] ILO: GLOBAL EMPLOYMENT TRENDS 2014: THE RISK OF A JOBLESS RECOVERY [21 January 2014]
IWS Documented News Service
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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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International Labour Organization (ILO)
GLOBAL EMPLOYMENT TRENDS 2014: THE RISK OF A JOBLESS RECOVERY [21 January 2014]
http://www.ilo.org/global/research/global-reports/global-employment-trends/2014/lang--en/index.htm
or
or
[full-text, 120 pages]
Executive Summary
or
[full-text, 5 pages]
NOTE: embargo was lifted because of breach by "Süddeutsche Zeitung".
[excerpt]
The global labour market situation remains uneven and fragile. True, there are encouraging
signs of economic recovery in those advanced economies most affected by the global financial
crisis which erupted in 2008. Also, a number of emerging and developing countries − including
recently in Sub-Saharan Africa − are enjoying relatively robust economic growth. The world
economy may thus be growing somewhat faster than over the past three years.
However, the report finds that those economic improvements will not be sufficient to
absorb the major labour market imbalances that built up in recent years. First, over the foreseeable
future, the world economy will probably grow less than was the case before the global
crisis. This complicates the task of generating the over 42 million jobs that are needed every
year in order to meet the growing number of new entrants in the labour market.
Second, and more fundamentally, the root causes of the global crisis have not been properly
tackled. The financial system remains the Achilles heel of the world economy. The state of
many banks is such that many sustainable enterprises, notably small ones, have limited access
to credit, thereby affecting productive investment and job creation. Significant financial bubbles
have re-appeared in a number of advanced and emerging economies, adding new uncertainties
and affecting hiring decisions. Also, global labour incomes continue to increase at a
slower pace than justified by observed productivity gains, thus affecting aggregate demand.
Third − and this is an important new finding in view of the post-2015 development
debate − little progress is being made in reducing working poverty and vulnerable forms
of employment such as informal jobs and undeclared work. If confirmed, this trend would
unambiguously delay the achievement of development goals.
To ensure lasting job recovery, the report highlights the role of a strategy that combines
short-term measures (job-friendly macroeconomic and labour market policies) with further
action to tackle long-standing imbalances. Such a strategy would strengthen the economic
recovery and pave the way for more and better jobs.
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