New Delhi: The world is heading for a global job crisis, which is hurting the chances of a swift economic recovery, the World Bank warned on Tuesday.
In a study released at a G20 Labour and Employment Ministerial Meeting in Australia, the Bank said an extra 600 million jobs needed to be created worldwide by 2030 to keep up with current levels of population growth.
“There is no magic bullet to solve this jobs crisis, in emerging markets or advanced economies,” said said the World Bank's senior director for jobs, Nigel Twose.
He said the problem calls for a “a whole of government approach cutting across different ministries, and of course the direct and sustained involvement of the private sector.”
He added that wage and income inequality is rising widely within many G20 countries, although progress has been made in a few emerging economies, like Brazil and South Africa.
He said that overall emerging market economies had done better than advanced G20 countries in job creation, driven primarily by countries such as China and Brazil, but the outlook was bleak.
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