Posted: Tuesday, 1 June 2010

The Great Recession”
From a financial crisis, to a jobs crisis to a new labour market model

On September 15, 2008, the collapse of an American investment bank triggered a paralysis in the global financial system that turned into a global economic and jobs crisis.

Once the financial crisis on Wall Street hit Main Street, the crisis spread rapidly crippling economies, reducing business and global trading and — within a few months — forcing more than 30 million people out of work globally.

In the last two years, all around the world, there has been a dramatic loss of good jobs, with increases in precarious employment situations, along with a rise in numbers of the working poor. The ILO estimates that 100 million women and men have fallen into absolute poverty in the last year.  Read more...

A Decent Work Agenda & the ILO Global Jobs Pact:
A people's road map for tomorrow's economy

Since the financial crisis erupted in late 2008, the G20* governments have met three times.

The Washington Summit on Financial Markets & the Global Economy met in November 2008 to adopt an Action Plan to implement principles of reform.

At the London Summit in April 2009, the G20 leaders agreed that: “…our global plan for recovery must have at its heart the needs and jobs of hard-working families… we have therefore pledged to do whatever is necessary to restore confidence, growth and jobs…” in order to “…build an inclusive, green and sustainable recovery.” They also called “upon the ILO, working with other relevant organizations, to assess the actions taken and those required for the future” to address the impact of the economic crisis on labour markets.  Read more...