Policies adopted by G20 governments in the face of the global recession, saved or created around 21 million jobs in 2009 and 2010 in G20 countries, the International Labour Organisation (ILO) said in a study. This is about 1% of total jobs in G20 countries.
The G20 grouping is made up of 19 countries and the European Union and includes developed and developing countries. With the spread of the financial and economic crisis all over the globe in 2008, the G20 was called on to find solutions to help stabilise the situation.
The ILO study titled, ‘Accelerating a job-rich recovery in G20 countries: Building on experience’, was presented to the G20 labour and employment ministers meeting held in Washington, on April 20-21.
The ILO study found that fiscal stimulus measures by G20 governments may have created or saved 8 million jobs in 2009 and another 6.7 million jobs in 2010. Measures like unemployment benefits and taxation may have saved or generated another 6.2 million jobs across G20 countries in 2009.
The study found that job losses were higher among men than women in most countries, and in the two years to the second half of 2009, the rate of youth unemployment increased in most countries. In some developing and emerging economies informal employment and poverty are also rising.