G20 Mexico 2012 |
Posted: December 16, 2011 |
G20, APEC and EAS Leaders recognised in Cannes that “global recovery has weakened,
particularly in advanced countries, leaving unemployment at unacceptable levels.” The end-November OECD Economic Outlook made clear the very real threat of double-dip recession, with growth forecasts now falling practically daily. Yet the financial market irresponsibility and greed that were largely responsible for the recession have not been curbed; inequalities are still rising to the benefit of the 1% and even more of the 0.1% at the top, while sovereign debt crises put ever greater strain on the Euro, creating a context in which unemployment is quasi-certain to rise further. The emerging economies in the G20 are being affected too, and face particular social tensions in finding jobs for millions of young people seeking work. And the 1.4 billion women and men living in extreme poverty face little prospect of improvement in a context of global economic stagnation.
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