3 Review(s)

The 2010 Report focuses on the need to make employment creation a priority in economic policy. Unemployment is the most pressing social and economic problem of our time, not least because, especially in developing countries, it is closely related to poverty. The fallout from the global crisis has exacerbated what were already sluggish labour markets in most countries even before the crisis erupted. It also warns that a premature withdrawal of macroeconomic stimulus measures to expand demand in developed countries may trigger a deflationary spiral in the global economy, with attendant slumps in growth and employment. The publication draws attention to the importance of strengthening the macroeconomic policy framework to promote sustainable growth and employment creation in both developed and developing countries, and makes recommendations for a reorientation of macroeconomic policies and institution building aimed at strengthening domestic demand.