Working paper

Social protection and minimum wages responses to the 2008 financial and economic crisis: Findings from the ILO/World Bank Inventory

Employment Working Paper No. 113

In 2009, the global economy experienced a 0.5 per cent contraction, following a modest 3 per cent growth in 2008. The recession was of an unprecedented scale in the post Second World War era and severely hit advanced economies, whose output declined by 3.4 per cent in 2009, while growth halved in emerging and developing countries. In terms of impact on jobs and living standards, the developed world accounted for most of the increase in global unemployment with youth bearing the brunt of the crisis impact.
Whereas, the effects on the developing world are particularly evident in social indicators such as poverty, the working poor and vulnerable employment.