THE world's
top finance leaders on Tuesday in effect backed currency depreciation
as a tool for promoting growth by signaling strong support for aggressive
easy-money policies aimed at boosting the fragile global economy. G20
Finance Ministers focused their commitments to increase global growth
on policies that put jobs and raising living standards for working families
at the heart of the economic recovery.
A new briefing from the Labour 20 (L20) representing workers and their unions
said if current policies are continued by G20 Finance Ministers, the global
jobs gap will rise and by 2019, more than 212 million people will be out
of work, up from 201 million in 2014. John Evans, General Secretary of the Trade Union Advisory Committee to the
OECD, warned that the G20 Finance Ministers are off target in their commitment
to raise G20 GDP by 2.1 % above the trajectory implied by current policies
over the next five years.
The Brisbane Action Plan, agreed at the G20 Summit last November to increase
global growth, contains nearly 1000 commitments.
Economic simulations conducted for the L20 show that a coordinated mix of
wage and investment policies could create up to 5.84% more growth in G20
countries – compared to business as usual – and create up to 33 million jobs.
John Evans, General Secretary of the Trade Union Advisory Committee to the OECD
said that, by priotising plans that deliver growth with employment plans, G20 Finance
Ministers could make 2015 a turning point in tackling the global economic
crisis.
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