Saint Petersburg - G20 leaders who wrapped up their summit in Russia on Friday said they remain united in their efforts to promote inclusive growth and better jobs.
“Unemployment and underemployment in many countries, particularly among young people, remains one of the key challenges confronting the global economy and a top priority for the G20,” a summit declaration read.
More than 250 million people globally are said to be unemployed with the majority being the youth.
Creating more productive and better quality jobs should be at the heart of countries’ policies aimed at achieving strong sustainable and balanced growth, poverty reduction and increasing social cohesion.
“We agree that strong and supportive macroeconomic, trade, investment, and labour market policies, sustainable public finance, a sound and well regulated financial system, and resilient and effective social protection systems are the foundation for sustainable job creating economic growth.”
Policy reforms to support higher employment and facilitate job creation and better matching of skills with job opportunities were central in growth strategies.
The G20 leaders further committed to take a broad range of action, tailored to national circumstances, to promote more and better jobs.
This includes improving business environment and stimulating the creation of formal, more productive and rewarding jobs, through pro-growth structural reforms in product and labour markets, including by promoting labour market adaptability and efficiency. - SAnews.gov.za
