G20 Labour Market Decline in 2010

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ILO has just prepared a joint study with the OECD at the request of the G20 for its labor ministerial meeting in Paris on September 26-27. The report, titled “Short-term Employment and Labour Market Outlook and Key Challenges in G20 countries,” warns that the slow-down in the global economy could result in a massive jobs shortfall among G20 members by next year.

According to the study, at current employment growth rates of 1 per cent, it won’t be possible to recover the estimated 20 million jobs lost in the G20 since the crisis began in 2008. Employment would have to grow at an annual rate of at least 1.3 per cent in order to return to the pre-crisis employment rate by 2015.

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