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The twin challenges of reducing poverty and creating employment

image of The twin challenges of reducing poverty and creating employment
This publication is based on papers presented at two Expert Group Meetings (jointly organized by DSPD and the ILO) that brought together specialists to undertake a review of progress in eradicating poverty and to analyse policy responses to the global jobs crisis in different countries and regions of the world. It calls for a reorientation of macroeconomic policies from the current heavy emphasis on short-term stability to the promotion of sustained, inclusive and equitable growth. It further stresses the need for the integration of social and economic policies to enable the attainment of people-centred development outcomes.

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Macroeconomic policy after the global recession of 2008-2009: a development perspective

The standard macroeconomic framework assigns a central role to macroeconomic stability as a prerequisite for economic growth. It gained prominence in the case of developing countries during the structural adjustment era of the 1980s and 1990s. Over that period, 149 adjustment lending programmes were initiated on average per annum by the Bretton Woods institutions. In some cases, these programmes were highly persistent. The structural adjustment era formally came to an end in 1998. Structural adjustment programmes were replaced by poverty reduction strategies (PRSs), but the focus on macroeconomic stability remained intact.

English

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