The International Labour Organization and the World Bank released a joint report and new online data tool with the first comprehensive stocktaking of countries’ jobs-related policy responses to the recent global financial and economic crisis.
A follow-up to a request from leaders at the 2009 G20 Pittsburgh Summit, the report, Inventory of Policy Responses to the Financial and Economic Crisis, demonstrates how governments across the globe and of all income levels used labor market interventions to limit the economic and social impacts of the crisis and spur employment, household income, and economic growth, and reduce poverty. This new online data tool provides a detailed track record of policies enacted during the height of the financial crisis (2008-2010), and implications for the design of policies to address future economic downturns.
“For the first time, policymakers now have access to data on what other countries did during these turbulent times, in order to better understand what works best to create jobs and reduce poverty in the wake of crises,” said Tamar Manuelyan Atinc, World Bank Vice President for Human Development. “These findings affirm the Bank’s new Social Protection and Labor Strategy’s focus on promoting resilience, equity, and opportunity for the world’s poorest and most vulnerable people.”
“The ILO has joined forces with the World Bank to create a database unprecedented in its scope and size on crisis response measures taken by both developed and developing countries following the framework of the ILO’s Global Jobs Pact,” said Jose Manuel Salazar-Xirinachs, International Labour Organization Executive Director for Employment. “Policy makers and researchers worldwide will be able to use this database to analyze policies and draw further lessons which continue to be highly relevant today as the jobs crisis persists.”
As the World Bank report reveals that in most of the 55 low-income and middle-income and 22 high-income countries surveyed, unlike previous crises, there was considerable government intervention to mitigate the impacts of the downturn. Not only did a majority of effected countries use expansionary fiscal and monetary policies to stimulate the economy, they also directly intervened to protect or create employment, preserve skills and facilitate the matching between job-seekers and employers, and protect the incomes of the unemployed and vulnerable groups. In many cases, social dialogue helped guide the policy response.
and Full Report @ Inventory of Policy Responses to the Financial and Economic Crisis
Table of Contents
02. Macroeconomic and Sector Policies
03. Policies to Generate Labour Demand
04. Programmes to Facilitate Job Matching and Preserve Skills
05. Building Social Protection Systems and Protecting People
06. Minimum Wages
07. Social Dialogue during the Crisis
08. Labour Standards During the Crisis
09. Looking Ahead
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