July 19, 2013 / 11:51 AM / in 5 years

UPDATE 1-G20 labour, finance ministers vow support on jobs

MOSCOW, July 19 (Reuters) - 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 added.

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 skills.

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