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ITUC World Congress: World Economy Faces Historic Downturn

The world is on the brink of a historic economic downturn with disastrous outcomes for working people in all regions unless governments urgently implement a new social contract, delegates have been told at the 5th ITUC World Congress, Melbourne, Australia.

The ITUC Economic Briefing describes a global economic system facing intersectional social, economic, environmental, and health crises that are impacting workers and their families in all regions, no matter the level of development of their national economy

The briefing states: “In 2022 we are witnessing a downward spiral of economic growth, simultaneously with an escalation in prices of goods and services that form the foundation of workers’ most basic living costs.”

Sharan Burrow, ITUC General Secretary, said: “Right now, too many political leaders and institutions just don’t seem to get it. The vulnerability of many economies has never been greater. But again, they’re letting working people down and lurching to their ‘orthodox’ macroeconomic responses, proven time and time again to only deepen global inequalities and destroy lives and prospects all over the world.

“We need a new economic model with new business models that are based on full employment, decent work and shared prosperity. That means a new social contract with shared prosperity and just transitions that will help stabilise communities and economies, generating a common security of peaceful coexistence that simultaneously addresses poverty and exclusion, creating the opportunity for investing in the care economy to create high quality jobs that support societies. This is about nothing less than creating the conditions for peace, social justice and survival.”

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