Washington, April 5 (IANS) Although economic growth and job creation are top priorities for global policymakers, their outlooks remain a major concern, the International Monetary Fund (IMF) said.
“Following very weak economic growth since 2009, global growth is projected to be only around 3.5 percent this year, about 2 percentage points below the pre-Great Recession years. Over 200 million people across the world are unemployed, with youth and long-term unemployment at alarming levels in many countries,” the IMF said in a paper released Thursday.
Income inequality has increased in past decades in many Organization for Economic Cooperation and Development (OECD) countries and is also on the rise in many others. The challenges of growth, job creation and social inclusion are closely linked, reported Xinhua citing the paper.
Growth is an essential prerequisite for job creation and social cohesion. In turn, jobs and increased labour force participation, including among women, are important to foster inclusive growth and reduce poverty and income inequality, said the Washington-based global lender.
The IMF could provide more systematic diagnosis of economic growth, job creation and income distribution when consistent with its mandate to help its member countries better understand the effectiveness of their policies to support growth, employment and social inclusion, contended the document.