MOSCOW, July 19 Labour and finance ministers
from the world's 20 biggest developing and developed economies
vowed on Friday to conduct policies that will help job creation
and investment by the private sector to spur global growth.
The joint meeting came as Europe in particular has struggled
to contain a rise in unemployment to an 11 percent rate, while
the United States has recovered faster from the global economic
crisis to bring jobless queues below 8 percent.
"We will maintain supportive macroeconomic environments,
which are conducive to job creation, investment and business
development, in order to allow the private sector to play its
role as a driver of employment and growth," the ministers said
in a statement issued in Moscow.
They said the main constraints on growth in the private
sector were related to the investment climate, access to
finance, infrastructure as well as technologies and skills.
It is the role of governments to make labour markets
function more efficiently and be more dynamic, the statement
At the same time, the document said that there was no single
answer on how best to boost jobs and growth as each country is
different. Nevertheless, ministers agreed to six priority areas
for policy action.
These include integrated macroeconomic, financial and labour
market policies; fostering a sound domestic business climate
with focus on small- and medium-size enterprises; reforms to
promote growth and jobs; and policies to increase the share of
the labour force that is in work.
Two other policies included social investment policies that
support aggregate demand, and promotion of targeted,
cost-effective and efficient programmes to boost workforce