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THE world is facing a global jobs crisis that is hurting economic growth and there is no magic bullet to solve the problem, the World Bank warned today.
In a study released at a G20 meeting in Australia, the Bank said 600 million jobs needed to be created worldwide by 2030 to cope with expanding populations.
“There’s little doubt there is a global jobs crisis,” said World Bank senior director for jobs Nigel Twose.
“We’re also seeing wage and income inequality widening within many G20 countries.”
He said that emerging economies had created more jobs than advanced countries but the outlook was still bleak.
Mr Twose said more than 100 million people were unemployed in G20 economies and 447 million were considered “working poor,” earning less than $2 a day.
Low global growth would continue to dampen employment prospects, with real wages stagnating across many advanced G20 nations and falling in some.
