85057
In Emerging, Developing Countries : ILO: Over 700 Million Workers Living in Poverty
In Emerging, Developing Countries : ILO: Over 700 Million Workers Living in Poverty

In Emerging, Developing Countries : ILO: Over 700 Million Workers Living in Poverty

In Emerging, Developing Countries : ILO: Over 700 Million Workers Living in Poverty

There were more than 700 million workers living in poverty in emerging and developing countries that were unable to lift themselves above the $3.10 per person daily threshold in 2017, the International Labor Organization has said. 
The rate of progress has slowed, and many developing countries are failing to keep pace with the growing labor force, ILO Director General Guy Ryder said, PTI reported.
“Despite significant progress, in 2017 there were still more than 700 million workers living in poverty,” Ryder told International Monetary Fund during its annual spring meeting. 
Noting that the rebound in economic growth has strengthened job creation and the global unemployment rate is expected to fall slightly during 2017-19 (after a three-year rise), he said, however, the labor market recovery is uneven across country groupings, with continued rises in the numbers of people unemployed in developing and emerging economies.
Ryder said that new policies are required to foster decent jobs for youth in an era of rapid technical change. The ILO estimates that 67 million young women and men are unemployed globally, and around 145 million young workers in emerging and developing countries live in extreme or moderate poverty, he said. 
“New automation and digital technologies pose further challenges. The opportunities they present will demand innovative policy solutions,” he said, adding that proper infrastructure and equal access to information and technology should complement investment in education and skills and effective approaches towards lifelong learning.
Ryder said that in Africa, working poverty is forecast to stall at 24% of the workforce during 2017-19, with numbers rising from 104 to 110 million. In Asia and the Pacific, the share will drop only marginally from 16 to 15% and the number of workers in poverty will still be close to 300 million by 2019. 
The slowdown in progress threatens not only workers’ individual well-being, but also our global ambition to eradicate poverty by 2030, he said. 
Ryder said that policy makers must ensure that workers in advanced, emerging and developing countries all benefit from a global trading system that produces fair outcomes. Failure to do so risks the multilateral system, as the IMF warns, with significant economic costs and political risks for all nations. 
Key to restoring faith are policies to ensure fairer distribution of the benefits of trade, he said. “Stronger labor market institutions, including minimum wages, sustainable enterprises, collective bargaining and freedom of association, are the right answers to political populists who exploit income disadvantages to undermine open economies and open borders,” the ILO chief said.

 

Short URL : https://goo.gl/p4q1EQ
  1. https://goo.gl/cpYyCH
  • https://goo.gl/Zj9Kq8
  • https://goo.gl/3RAdv3
  • https://goo.gl/MUAzmE
  • https://goo.gl/nE8v5S

You can also read ...

Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus