Over recent years, globalisation, digitalisation, demographics and climate change have been transforming the way economies work. These trends have provided new opportunities for growth, but also deepened inequalities as the gains from growth have not been shared evenly amongst all. The COVID-19 pandemic – a global public health crisis without precedent in living memory – is resulting in a significant decline in economic activity and surge in unemployment in many countries. It may thereby be speeding up some of these pre-existing trends and further widening existing inequalities in access to opportunities.
The G20 provides a unique forum to examine and monitor key challenges to access to opportunities in G20 countries and to share experiences on the appropriate, feasible and effective policy measures to enhance equal access to opportunities. G-20 Finance Ministers and Central Bank Governors mandated the G-20 Framework Working Group (FWG) under the 2020 Saudi Presidency to develop a Menu of Policy Options that countries can draw from to enhance access to opportunities for all. This OECD paper supports the Menu of Policy Options. It outlines four key challenges in enhancing equal access to opportunities over people’s lives and proposes policy options on how G20 countries, particularly how their Ministries of Finance, can address these challenges to enhance access to opportunities in G20 economies in the long-term, post-COVID-19 environment.
• Challenge 1: Enhancing access to opportunities for youth.
• Challenge 2: Enhancing access to opportunities for women through good-quality employment.
• Challenge 3: Enhancing access to opportunities for SMEs and entrepreneurs and tackling informality to ensure good-quality job opportunities.
• Challenge 4: Helping workers make best use of their skills in a changing world of work.
The full report is available from the OECD’s website.