Slow growth rate of jobs worries ILO

The growth in employment has lagged far behind the world economic growth last year. Experts say this situation is not politically, socially or economically sustainable.

The latest figures released by the International Labour Organization (ILO) estimate the world economic growth at 5 per cent but increase in employment is way behind at only 1.67 per cent.

The increase in global trade and foreign direct investment (FDI) have failed to produce the growth needed to reduce unemployment and poverty, director, ILO Office for UN Djankou Ndjonkou told a UN General Assembly's committee today.

"This demands a global response, but it is essential that acute attention be given nationally," he told delegates from 191 countries.

He recommended that nations placed decent work at the heart of global, national and local strategies, and ensured through structural changes that jobs grew along with growth in investments and national output. He stressed the need to encourage small businesses which as they create most jobs.

He also emphasized the importance of the 'south-south' cooperation, to build stronger links between developing nations, and to help prevent labour abuses.

Decent work for all, while being the "key to poverty reduction" would also create greater economic and social stability during economic crises, he said.

The geneva-based, ILO also issued a report detailing the importance of socially-responsible and effective downsizing.