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Short-Term Labour Market Outlook and Key Challenges in G20 Countries

Author: International Labour Office, Organisation for Economic Co-operation and Development
Organisation: International Labour Office, Organisation for Economic Co-operation and Development
Publish Date: 2013
Country: Global
Sector: Economic
Method: Creative thinking
Theme: Employment
Language: English
Tags: Unemployment, Youth unemployment, G20 countries, Labour markets, Structural challenges, Demographic changes

The latest available forecasts from IMF and OECD point to a weak uptick in economic activity in 2013 and 2014. This will continue to weigh on short-term employment growth and on the medium-term objective of restoring the employment to working-age population ratio prevailing before the crisis. Persistently high mainly cyclical unemployment in several G20 countries is heightening the risks of labour market exclusion and structural unemployment. In over half of countries, the share of long- term unemployment in total unemployment remains above its pre-crisis level. Overall slower economic growth in emerging economies in the last 12 months is weighing on the growth of formal rewarding and productive employment and on the pace of decline in working poverty and underemployment. The situation calls for strong and well-designed employment, labour and social protection policies applied in conjunction with supportive macroeconomic policy mixes to address the underlying demand and supply conditions of each economy.
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