Unemployment is one of the biggest issues facing us today, and we can't rely on growth alone to fix it.
In developed countries, sluggish recovery in the wake of the crisis has left employment well below 2007 levels, with six to seven million fewer jobs in the US, UK and euro area alone, according to a Standard Chartered Global Research report, 'Making economies work'. Youth unemployment has gone up, and more unemployed people are out of work long term.
Emerging markets have coped better, shrugging off the Great Recession, with China alone adding 60 million non-agricultural jobs since 2007. Yet, even these markets are not creating the right jobs sufficiently fast. As growth slows, there is concern that job creation will slow, too.
Unemployment locks people in poverty. It makes us less able to generate economic growth in future, as people lose skills and become unemployable. It perpetuates inequality, with a disproportionate amount of wealth owned by a small minority of the population. And it affects social stability: the Arab Spring is a potent reminder of the wider stress in society that can be caused by high youth unemployment.
As in the developed world, youth unemployment is an urgent and growing problem. More than 85 percent of the world's young people live in emerging markets.
Every country in the world shares the job creation challenge and it is one we cannot afford to ignore.