The World Bank on Tuesday warned of the jobs crisis across the globe, which is hampering the economic growth in several countries.
During the G20 labour and employment meeting in Australia, the bank stated that the world faces a massive shortage of jobs, with an additional 60 crore jobs needed by 2030.
"There's little doubt there is a global jobs crisis," AFP quoted Nigel Twose, World Bank's senior director for jobs.
Twose stressed that the bank has observed wage and income inequality widening within several G20 countries, even after the progress in some developing nations, such as Brazil and South Africa. He continued by referring to the emerging markets, which have done better than G20 countries in job creation.
"Current projections are dim. Challenging times loom large," Twose added.
Collated report by Organisation for Economic Cooperation and Development (OCED) and International Labour Organisation revealed that over 10 crore people are unemployed in G20 economies and 44.7 crore people are considered as working poor with an income of less than $2 dollars a day.
Weak labour markets have been hindering consumption and investment, despite economic recovery in 2013-14, the report said. The bank pointed out the importance of collective effort among various ministries for inclusive economic growth.
"That requires not just the leadership of ministries of labour but their active collaboration with all other ministries - a whole of government approach cutting across different ministries, and of course the direct and sustained involvement of the private sector," Twose said.
Ahead of the meeting in Brisbane in November, the bank has asked each G20 member to develop growth strategies and employment action agendas.
The bank pointed out the requirement for co-ordinated and integrated public policies, along with social protection systems, sustainable public finance and well-regulated financial systems.
During the G20 meeting in Sydney in 2013, finance ministers and central bank governors gave consent to raise overall Gross Domestic Product (GDP) by more than two percentage points over the next five years.
But July's report by IMF contradicted the strategy of World Bank's agenda to raise cumulative GDP. It said that the plan would fail by raising interest rates and weakening emerging economies.