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IMF: The Challenges of Growth, Employment and Social Cohesion

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The Challenges of Growth, Employment and Social Cohesion, Joint ILO-IMF conference in cooperation with the office of the Prime Minister of Norway

  • “The world faces major challenges in creating enough quality jobs to sustain growth and development. The financial crisis of 2007–09 led to a sharp increase in layoffs and a slowdown in hiring, and thus to rising unemployment, underemployment and informal work. Now, nearly two years on, unemployment remains at very high levels in many advanced economies, with little sign of an early fall.
    In emerging and developing countries, the economic shock hit jobs in export sectors hard, but these are now recovering, in part as exporters have diversified their markets to rely less on those of the advanced economies. But the slowdown also hit the large informal economies of the developing world. Informal employment has increased, and the numbers of working women and men who cannot earn enough to keep themselves and their families out of poverty have risen. The scars of this distress in labour markets could last for a very long time – in the case of young workers unable to get their first job, a lifetime. Political, community, business and labour leaders all over the world are asking for answers to the threat of a slow jobless recovery. And they want to know that recovery can transition into strong, sustainable and balanced growth. This is the challenge that has brought the IMF and the ILO together to stimulate an active discussion of how international cooperation and policy innovation can address the urgent need to improve the capacity of economies to generate enough good jobs – decent work – to meet societies‘ needs.”

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