THE International Labour Organization (ILO) has warned that any shock to the economies of Brazil, Russia, India, China and South Africa (BRICS) could spell doom for the building of a virile middle class globally.
The Director General of the ILO, Guy Ryder, who stated this at the first ever meeting of Ministers of Labour and Employment of the BRICS countries, noted that while in recent decades BRICS countries have been the drivers of the growing ‘global middle class’, many such households remain not far above the moderate poverty line. He stressed that in the current environment, continued high rates of economic growth sustaining the middle class cannot be taken for granted.
“It is important to note, particularly for those of us responsible for employment and social wellbeing, that growth is not the whole story: High growth does not guarantee decent work, inclusion and equity. High growth does not guarantee decent work, inclusion and equity,” he said.
The Guardian: ILO warns shock to BRICS may hurt global economy
Comments are closed.