{
  "title": "Jobs and Growth: Can’t Have One Without the Other?",
  "publication": "IMF Blog, April 30, 2012",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other",
  "canonical": "https://www.imf.org/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other",
  "overlayPath": "/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other/index.md",
  "summary": "The IMF’s latest World Economic Outlook projects global growth of 3 ½ percent this year.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- The IMF’s latest World Economic Outlook projects global growth of 3 ½ percent this year.\n- Five years after the onset of the Great Recession, 16 million more people are likely to remain unemployed this year than in 2007.\n- The bulk of this increase in unemployed people has been in the so-called advanced economies (the IMF’s term for countries with high per capita incomes).\n- The average unemployment rate in these economies is expected to 7 ¾ percent.\n- Several populous economies such as the United States, France, the United Kingdom are at or above this average."
    },
    {
      "heading": "Employment trends and country examples",
      "content": "- Countries where GDP is expected to decline in 2012 and unemployment is expected to increase include: Cyprus, Greece, Italy, the Netherlands, and Spain.\n- Countries where GDP is expected to grow in 2012 and unemployment rates are expected to decline include: Iceland, New Zealand, and the United States.\n- While some declines are welcome, unemployment rates are still expected to remain high in most advanced economies this year."
    },
    {
      "heading": "Growth–unemployment relationship",
      "content": "- The jobs picture remains grim primarily because the growth picture is weak.\n- Chart evidence (described) shows that for advanced economies the change in unemployment rates expected between 2011 and 2012 correlates with the IMF’s forecasts for growth in 2012: negative or weak GDP growth corresponds with rising unemployment; positive GDP growth corresponds with falling unemployment."
    },
    {
      "heading": "Policy response — priorities and short-term measures",
      "content": "- The IMF emphasized that “the highest priority, but also the most difficult to achieve, is to durably increase growth in advanced economies, and especially in Europe.”\n- To solidify the weak recovery and contain downside risks, policies must be strengthened.\n- Short-term policy measures recommended:\n  - more efforts to address the euro crisis;\n  - a temperate approach to fiscal restraint in response to weaker activity;\n  - a continuation of the very accommodative monetary policies; and\n  - ample liquidity to the financial sector.\n\nSource: Min Zhu, “Jobs and Growth: Can’t Have One Without the Other?,” April 30, 2012.\n\n---\n\n Content in this bundle\n\n- WOW 2012 Summary FINALengcorrected 27 april 9 15 am\n  - WOW 2012 Summary FINALengcorrected 27 april 9 15 am (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - WOW 2012 Summary FINALengcorrected 27 april 9 15 am (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- عربي\n- World Economic Outlook\n- https://www.imf.org/wp-content/uploads/2012/04/chart-11.jpg\n- https://www.imf.org/wp-content/uploads/2012/04/chart-24.jpg\n- https://www.imf.org/wp-content/uploads/2012/04/chart-3.jpg\n- World Economic Outlook\n- euro\n- temperate approach\n- financial sector\n\nSource: https://www.imf.org/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other"
    }
  ],
  "bullets": [
    "[Markdown version](/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other/index.md)",
    "[Structured JSON version](/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other/index.json)",
    "[Bundle manifest](/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other/bundle-manifest.json)",
    "Authors: Min Zhu",
    "Published: April 30, 2012",
    "The IMF’s latest World Economic Outlook projects global growth of 3 ½ percent this year.",
    "Five years after the onset of the Great Recession, 16 million more people are likely to remain unemployed this year than in 2007.",
    "The bulk of this increase in unemployed people has been in the so-called advanced economies (the IMF’s term for countries with high per capita incomes).",
    "The average unemployment rate in these economies is expected to 7 ¾ percent.",
    "Several populous economies such as the United States, France, the United Kingdom are at or above this average.",
    "Countries where GDP is expected to decline in 2012 and unemployment is expected to increase include: Cyprus, Greece, Italy, the Netherlands, and Spain.",
    "Countries where GDP is expected to grow in 2012 and unemployment rates are expected to decline include: Iceland, New Zealand, and the United States.",
    "While some declines are welcome, unemployment rates are still expected to remain high in most advanced economies this year.",
    "The jobs picture remains grim primarily because the growth picture is weak.",
    "Chart evidence (described) shows that for advanced economies the change in unemployment rates expected between 2011 and 2012 correlates with the IMF’s forecasts for growth in 2012: negative or weak GDP growth corresponds with rising unemployment; positive GDP growth corresponds with falling unemployment.",
    "The IMF emphasized that “the highest priority, but also the most difficult to achieve, is to durably increase growth in advanced economies, and especially in Europe.”",
    "To solidify the weak recovery and contain downside risks, policies must be strengthened.",
    "Short-term policy measures recommended:",
    "**WOW 2012 Summary FINAL_eng_corrected 27 april 9 15 am**",
    "[عربي](http://blog-montada.imf.org/?p=1202)",
    "[World Economic Outlook](http://www.imf.org/external/pubs/ft/weo/2012/01/index.htm)",
    "[https://www.imf.org/wp-content/uploads/2012/04/chart-11.jpg](https://www.imf.org/wp-content/uploads/2012/04/chart-11.jpg)",
    "[https://www.imf.org/wp-content/uploads/2012/04/chart-24.jpg](https://www.imf.org/wp-content/uploads/2012/04/chart-24.jpg)",
    "[https://www.imf.org/wp-content/uploads/2012/04/chart-3.jpg](https://www.imf.org/wp-content/uploads/2012/04/chart-3.jpg)",
    "[World Economic Outlook](http://blogs.imf.org/2012/04/17/mediocre-growth-high-)",
    "[euro](http://www.imf.org/external/pubs/ft/survey/so/2012/NEW042112A.htm)",
    "[temperate approach](http://blogs.imf.org/2012/04/20/making-goldilocks-happy/)",
    "[financial sector](http://blogs.imf.org/2012/04/18/global-financial-stability-whats-still-to-be-done/)"
  ],
  "related": [
    {
      "title": "WOW 2012 Summary FINAL_eng_corrected 27 april 9 15 am",
      "role": "document",
      "sourceUrl": "http://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/publication/wcms_179450.pdf",
      "summary": {
        "path": "/wcmsp5/groups/public/---dgreports/---dcomm/documents/publication/wcms_179450.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/wcmsp5/groups/public/---dgreports/---dcomm/documents/publication/wcms_179450.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other/index.md",
    "json": "/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other/index.json",
    "bundleManifest": "/en/blogs/articles/2012/04/30/jobs-and-growth-cant-have-one-without-the-other/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-08-28T02:57:26.350Z"
}