The G20 Finance and Labor Ministers convened in Moscow on July 19 to discuss ways to promote strong, sustainable and balanced growth. This meeting brought the business and labor communities together to focus on coordinating their agendas. It was the first official meeting of the finance and labor ministers in the G20 context.
In the final communiqué, ministers emphasize the need to address unemployment and underemployment, particularly among youth and vulnerable populations, and pledge to invest in well-targeted and cost effective labor activation programs. They agree that adhering to the International Labor Organization’s Declaration on Fundamental Principles and Rights at Work is fundamental to the success of any job growth initiatives.
The ministers stress the need to promote inclusive labor markets, labor participation and productivity. In addition, the communiqué notes the importance of coordinating macroeconomic and labor policies.
In a subsequent meeting on July 19 and 20 in Moscow, G20 Finance Ministers and Central Bank Governors addressed the G20 Framework for Strong, Sustainable and Balanced Growth. Discussions at this meeting similarly focused on job creation, investment, and financial inclusion as paths to economic growth.
The final communiqué commits to the creation of a St. Petersburg Action Plan. The plan will address the medium-term goals of structural reform to increase productivity and labor force participation. These initiatives will complement the short-term goals of job growth and the reduction of financial market fragmentation.
The ministers also welcome the creation of practical tools to measure financial literacy and evaluate financial education programs, pillars of the financial inclusion agenda. They support the use of progress reports on barriers for women and youth developed by the OECD/International Network for Financial Education (INFE) and the World Bank.
Within the framework of these overarching goals, G20 ministers have acknowledged the need for country-specific plans. They are working to create credible and ambitious strategies that will take advantage of each country’s existing enforcement and regulation mechanisms.
G20 leaders have yet to announce any notable benchmarks or deadlines on their commitments, making it difficult to track progress or hold governments accountable. Therefore, InterAction will continue to track the G20’s work in these areas, and will measure their actions against the recommendations drafted by the G8/G20 Advocacy Alliance earlier this year.
