Contrary to the EU's optimism about the opportunities of globalisation, a new report by the ILO points to a weakening relationship between economic growth and employment growth.
Global economic growth is increasingly failing to translate into new and better jobs that lead to a reduction in poverty, according to a new report issued by the International Labour Office (ILO).
In the report, the ILO points out that within this global trend, different regions show mixed results in terms of job creation, productivity results, wage improvements and poverty reduction. Taking a global view, the 4th Edition of Key Indicators of the Labour Market (KILM) says that currently, half the world's workers still do not earn enough to lift themselves and their families above the US $2 a day poverty line.
"The key message is that up to now better jobs and income for the world's workers has not been a priority in policy-making", said ILO Director-General Juan Somavia. "Globalization has so far not led to the creation of sufficient and sustainable decent work opportunities around the world. That has to change, and as many leaders have already said we must make decent work a central objective of all economic and social policies. This report can be a useful tool for promoting that objective."