The so-called Group of 20 (G20) industrialized nations can take measures which could generate or save up to 11 million jobs in their respective countries this year, according to the head of the United Nations International Labour Organization (ILO).
Ahead of the two-day G20 summit to be held in the United States city of Pittsburgh later this week, ILO Director-General Juan Somavia said that the agency forecasts that continued labour market deterioration globally will lead to unemployment ranging from between 219 million to 241 million, the highest level ever.
Unemployment remains massive today as a result of the crisis, " he said. If the special measures taken are unwound or withdrawn too early, the jobs crisis may worsen even further. For people worldwide, and in particular for the most vulnerable and disadvantaged, the crisis will not be perceived as receding until they get a decent job and a minimum floor of social protection. "
Mr. Somavia cautioned that a jobless recovery would not be socially or politically sustainable. "
This week`s G20 gathering offers the opportunity to commit more support to policies targeting both strong economic and employment growth, he added.
This would require building much stronger links between investment, growth and productivity on the one hand, and employment, labour market and social and environmental policies on the other, the basis for a sustained and balanced future growth. "
Some 45 million young women and men enter the international labour market every year, putting further pressure on markets already suffering from high unemployment rate.
Stabilizing financial markets and raising the rate of output growth, crucial as these are, are not enough, " the ILO chief pointed out. Financial markets have to be put at the service of the real economy, ensure the flow of credit to enterprises, in particular small enterprises and fuel production and jobs. "