Trade, Labor, and Trust

By iMFdirect

“If we’re fighting each other because we can’t design a system that actually works for everybody, then working people will again continue to mistrust our institutions, and the threat to democracy is very real; you see it.” – Sharan Burrow

Burrow is General Secretary of the International Trade Union Confederation, and in this podcast she says collective action is needed to help better distribute the benefits of growth.  (more…)

By | February 24th, 2017|Gender issues, Globalization, IMF|0 Comments

Once in a Generation

Jeff Hayden altBy Jeff Hayden

World leaders will come together three times—in July, September, and December—to press for progress in the fight against poverty and to forge partnerships in support of better-quality life around the world.

In July, government officials and representatives from civil society organizations, donor groups, and the private sector will meet in Addis Ababa, Ethiopia, to secure the financing needed to lift millions out of extreme poverty.

The global community assembles again in New York in September to review progress under the Millennium Development Goals (MDGs), which expire this year, and to adopt new ones—the Sustainable Development Goals (SDGs)—that map out development through 2030.

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Smart Fiscal Policy Will Help Jobs

Vitor Gasparby Vitor Gaspar 

(version in EspañolFrançais中文Русский, and 日本語)

Unemployment remains unacceptably high in many countries. It increased dramatically during the Great Recession. Global unemployment currently exceeds 200 million people. An additional 13 million people are expected to be unemployed by 2018.

The most worrisome is youth unemployment. There are examples of advanced economies in Europe where youth unemployment surged above 50 percent. In several developing economies, job creation does not absorb the large number of young workers entering the labor force every year.

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Tackling The Jobs Crisis: What’s To Be Done?

Faced with a jobs crisis, policymakers the world over are digging deep into their policy toolkits to generate more employment. A recent study by the IMF’s Fiscal Affairs Department argues that reforms of tax and expenditure policies offer great promise in helping countries confront the jobs crisis, including in the short term.

Making Sure Middle East Growth Is Inclusive

We know that social exclusion and unemployment, especially among young people, are very painful and that the challenges ahead are formidable. We should not let the hopes and aspirations of the people who took to the street go unfulfilled. We must strive to ensure that the people of the Arab countries in transition have the opportunity for a fairer and more prosperous future.

Youth Speaking Out

Young people, hardest hit by the global economic downturn, are speaking out and demanding change. Coming of age in the Great Recession, the world’s youth face an uncertain future, with lengthening job lines, diminished opportunities, and bleaker prospects that are taking a heavy emotional toll. The March 2012 issue of Finance & Development magazine looks at the challenges facing young people today.

South Africa’s Unemployment Puzzle

The big blemish on South Africa’s otherwise strong economic performance since the mid-1990s is stubbornly high unemployment. Of course this is an important exception, especially as it has exacerbated income inequality. Unemployment in South Africa was already very high before the crisis, but the enormous job losses during 2008-09 made the already dire situation much worse. It now stands at some 24 percent—more than double the unemployment rate in the United States—and youth unemployment is phenomenally higher still at some 50 percent. Reducing unemployment is the foremost economic challenge facing South Africa. Here’s my take on what is needed.

Unleashing Growth Potential in the Middle East

Recent popular protests in the Middle East and North Africa, although likely to have a negative economic impact in the short run, might actually help to unleash the countries’ long-term growth potential. By providing the impetus for reforms, these events may encourage better governance, greater transparency, and more competition—in other words, tackling many of the constraints that have held back progress in these societies. In a recent (video) interview, I talk more about events in the region, the policy challenges, and what actions might help these countries achieve higher standards of living and employment for all sections of society.

By | February 24th, 2011|Emerging Markets, Employment, Low-income countries, Middle East|2 Comments

More than 18 Million Jobs Needed!

For the six oil-importing countries in the Middle East and North Africa region—Egypt, Jordan, Lebanon, Morocco, Syria, and Tunisia—high unemployment is a chronic problem. Averaging above 10 percent for the past two decades, unemployment rates here are among the highest in the world. And, youth unemployment is even more alarming at over 20 percent. Given the enormous economic and social costs of unemployment, the region can no longer afford the status quo. These countries need to create about 18? million full-time jobs over the next decade to provide employment for young people looking for their first job and to bring down unemployment. But, why is unemployment chronically high? And what needs to be done to fix it?

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