Reducing Decent Work Deficits in Periods of Low Growth
In recent years, the global economy has been gravitating towards what could be considered ‘new normal’ lower levels of growth. The idea of persistently lower growth has become increasingly important as GDP growth rates continue to remain below expectations, and lower than the rates achieved in the pre-crisis period. Should this protracted period of lower growth prove to be structural rather than cyclical, an adjusted approach to reducing decent work deficits will be called for. Indeed, at current levels of growth, the capacity of the global economy to create a sufficient number of quality jobs and achieve the target of “full and productive employment and decent work for all”, as set out in Goal 8 of the Sustainable Development Agenda, may be compromised.