Question

how does decent work and economic growth help eliminate inequalities in the market?​

Answer 1

Answer:

Globally, annual GDP growth declined from 4.4% in 2000 to 3.2% in 2017. One in ten people in the world lived on less than USD 1.90 in 2015, and in too many places, having a job doesn’t guarantee the ability to escape from poverty. This slow and uneven progress requires us to rethink and retool our economic and social policies aimed at eradicating poverty. According to the ILO estimates, the global unemployment rate is expected to be 5.5% in 2018, marking a turnaround after three years of rising unemployment rates. However, with a growing number of people entering the labour market to seek employment, the total number of unemployed is expected to remain stable in 2018, at above 172 million. In 2017, around 42 per cent of workers (or 1.4 billion) worldwide are estimated to be in vulnerable forms of employment, while this share is expected to remain particularly high in developing and emerging countries, at above 76% and 46%, respectively.In 2017, extreme working poverty remained widespread, with more than 300 million workers in emerging and developing countries having a per capita household income or consumption of less than US$1.90 (PPP) per day. A continued lack of decent work opportunities, insufficient investments and under-consumption has led to an erosion of the basic social contract underlying democratic societies: that all must share in progress. The creation of quality jobs will remain a major challenge for almost all economies. But inclusive growth must also be cognisant of the needs of the most vulnerable – children, youth, and women.

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