Macro-Economic Policy Task Force

Description

There are continuous macro-economic risks facing the global economy and the preparedness for policy co-ordination among the G20 countries.

This taskforce is responsive to new opportunities and economic growth, with a focus on income inequality. It advocates for public and private investment to create jobs, tax justice, and action, to promote labor rights in practice. It also aims, to discuss current conditions and action plans in response to the pandemic, economic risks and challenges facing our world, and policy responses for a swift recovery and resilient global economy.

This taskforce aims to suggest policy proposals and social economic recommendations on macro-economic that evidently shows the benefits of wage-led growth, social protection and other policies in achieving the Agenda 2030 and more generally reducing inequality and increasing access to opportunities.

Taskforce PriorityTaskforce Policy Recommendations
Protect the right to freely form and join unions and collectively bargain, and promote all ILO Fundamental Principles and Rights at Work.Addressing the key 2020 G20 aim of enhancing access to opportunities for all.
Increase public investment in lowering emissions, infrastructure, care economy and other high-impact areas.Increase social protection and achieve universal public service coverage.
Take all possible actions against tax avoidance/evasion with a sense of urgency and introduce progressivity in taxation.Promoting tax justice.
Coordinate policies in order to guarantee effective taxation of digital activities.Identify current oppressing economic risks and challenges and suggest action plans to mitigate downside risks.
Contribute to the Binding Treaty on Business and Human Rights process and build consensus for its adoption.Investing in recovery and resilience with investment in public services and care economy.
Guarantee policy coherence between the ILO, the IFIs, and other institutions of global governance.Redesigning the economies to achieve resilience and sustainability and social development.
Initiating a framework for the regulation of global fintech and adopt policies that would increase genuine financial inclusion, including by measures to avoid increasing indebtedness of poor people.Develop exit strategies and policy on containment measures, levers and pace of business resumption in the coming months. This discussion will inform the G20’s efforts during the recovery phase (during the Pandemic).
Financial aid to the real economy should prioritize micro, small and medium-sized enterprises (MSMEs).
All assistance to employers must be conditional upon preserving jobs and ensuring adequate protective and containment measures.
Assistance to workers should be granted irrespective of employment status or whether they operate in the formal or informal economy.
Special action to protect the elderly and care workers and frontline workers.
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