Urban employment and the global financial crisis
What are the linkages between job creation and economic policies and urban infrastructure investments? While cities are recognized to be engines of economic growth, contributing disproportionately to national income, how effective has economic growth been in creating jobs, particularly in the wake of the global economic and financial crisis which began sweeping the globe in 2007?
The ILO, in its most recent Global Employment Trends (2012) report writes that “the outlook for global job creation has been worsening. The baseline projection shows no change in the global unemployment rate between now and 2016, remaining at 6 per cent of the global labour force. This would lead to an additional 3 million unemployed around the world in 2012, or a total of 200 million, rising to 206 million by 2016.”
• In light of this global employment crisis, how have cities fared during and in the aftermath to the recent global financial crisis?
• How can cities assess the employment impacts of economic policies and ensure that productivity gains are translated into job creation rather than into more unemployment?
• What economic sectors have the greatest potential for creating decent jobs in cities?