Quality jobs key driver of economic growth

A UN report showed that quality jobs are a key driver for economic development, a UN spokesman said here Tuesday. The report, issued by the International Labor Organization (ILO) on Tuesday, provides an in-depth analysis for 140 developing and emerging nations, UN spokesman Stephane Dujarric said at a daily news briefing here. The ILO's flagship report, entitled World of Work 2014: Developing with Jobs, found that quality jobs are a common factor shared by countries with higher per capita income and sustained growth, and developing nations with a focus on creating high quality jobs during the early 2000s enjoyed significant economic growth after 2007. "It shows for the first time that investing in quality jobs, reducing vulnerable employment and tackling working poverty leads to higher economic growth and lower income inequalities," the spokesman said. Countries that invested the most in quality jobs during the early 2000s grew nearly 1 percentage point faster every year since 2007 than other developing and emerging economies, showed the report. This helped them cushion the impact of the global crisis which erupted in 2008. "Development doesn't happen through such things as exports, open trade and foreign direct investment on their own," said Guy Ryder, director-general of the ILO. "Social protection, respect for core labor standards and policies that promote formal employment are also crucial for creating quality jobs that raise living standards, increase domestic consumption and drive overall growth. Decent work opportunities for women and men help trigger development and reduce poverty," Ryder said.