Economic crisis response must support jobs, SMEs, vulnerable sector, ILO meeting concludes
23 Feb 2009
MANILA (ILO News) - Delegates representing workers, employers and ministries of finance, planning and labour from Asia and the Pacific suggested policies and measures to be urgently put in place to mitigate the expected severe impact of the global financial and economic crisis on economies in the region, and to stimulate a more rapid, more equitable and sustainable recovery.
Delegates from 11 countries participated in a three-day, high-level regional forum in
Of concern for countries were sectors dependent on exports and remittances and the knock on effect of decline to other economic sectors and to the most vulnerable and poorest. Potential loss of jobs and threats to decent work affecting many millions in the region was the central preoccupation of forum participants. Capacity to address this through stimulus packages was particularly worrying in countries with limited fiscal space or reserves to call upon.
An effective response to the unfolding large scale crisis requires a global financial system guaranteeing stability, security and fairness for all. Participants highlighted that governmental and international action had to be coordinated and coherent. Economic stimulus packages needed to be comprehensive and target job preservation and creation and social protection as central to sustainable recovery and growth. Practical measures called for included:
Source:ILO
