A Global Jobs Crisis Is Coming, Says World Bank - TIME

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• Rishi Iyengar
 

4:40 AM ET

    

And a new report says there’s no immediate solution in sight for the problem

We are heading for a global jobs crisis, says the World Bank, warningthat 600 million new jobs would have to be created by the year 2030 just to keep up with current levels of population growth.

A study released by the organization Tuesday at the G-20 Labor and Employment Ministerial Meeting in Australia indicates there are currently over 100 million people unemployed and around 447 million that live on less than $2 per day across G-20 member nations, reports Agence France-Presse.

“As this report makes clear, there is a shortage of jobs — and quality jobs,” said Nigel Twose, the World Bank’s senior director for jobs. He warns that although progress had been made in emerging economies like Brazil, China and South Africa, wage and income inequality continues to widen in several G-20 countries.

“There is no magic bullet to solve this jobs crisis, in emerging markets or advanced economies,” Twose said, adding that the creation of enough jobs to sustain the growing population calls for “a whole of government approach cutting across different ministries, and of course the direct and sustained involvement of the private sector.”