G20 in favour of strengthening growth and creating jobs
The G20 Summit concluded here on Friday with the general consensus on strengthening growth and creating jobs.
St. Petersburg: The G20 Summit concluded here on Friday with the general consensus on strengthening growth and creating jobs.
"We remain united in our resolve to promote inclusive growth and more and better jobs. Unemployment and underemployment in many countries, particularly among young people, remains one of the key challenges confronting the global economy and a top priority for the G20," said the G20 declaration.
The G20 leaders noted that creating more productive and better quality jobs is at the heart of their countries' policies aimed at achieving strong sustainable and balanced growth, poverty reduction and increasing social cohesion.
"We agree that strong and supportive macroeconomic, trade, investment, and labour market policies, sustainable public finance, a sound and well-regulated financial system, and resilient and effective social protection systems are the foundation for sustainable job-creating economic growth," the declaration said.
"Policy reforms to support higher employment and facilitate job creation and better matching of skills with job opportunities are central in our growth strategies. We commit to take a broad-ranged action, tailored to national circumstances, to promote more and better jobs," the declaration adds.
The G20 leaders noted that promoting youth employment is a global priority.
"We are committed to quality apprenticeship and vocational training programmes, finding innovative ways to encourage firms to hire youth for example by, where appropriate, reducing non-wage labour costs, moving towards early intervention measures and effective job-search assistance for different groups of youth, and motivating youth entrepreneurship and business start-ups," the declaration said.
"Tailored strategies including youth guarantee approaches, developing school and university curricula that support entrepreneurship and facilitating exchange of best practices among the G20 countries and the social partners are crucial in this respect," the declaration adds.
Department of Economic Affairs (DEA) Secretary Dr. Arvind Mayaram , while talking to media on the outcome of the G20 Summit, said that there was also consensus on creating standards for automatic exchange of information on taxes related to multi-national companies to prevent cross border tax evasion and profit shifting.
"In the joint declaration released after the end of summit there is also mention of spill over effects in the emerging markets due to US plan of gradual withdrawal of stimulus," he said.
Dr. Mayaram said on this front all the countries have agreed for coordinated effort to calibrate and communicate their monitory policy decisions.
He said that the summit also noted the importance of food security globally.