The World Bank on Tuesday has warned that a global job crisis is nearing which could hurt the economic growth and also added that there is no way to stop it. The World Bank in a study released at a G20 Labour and Employment Ministerial Meeting in Australia, said an extra 600 million jobs needed to be created worldwide by 2030 which could match with the increase in population.
The World Bank's senior director of jobs Nigel Twose said, “the report makes it clear there is a shortage of jobs and the quality too. Also wage and income inequality continue to widen in several G20 countries. There is not magic bullet to solve the issue in emerging markets or advanced economies.”
The report emphasised the need for coordinated and integrated public policies, along with resilient social protection systems, sustainable public finance and well-regulated financial systems.