G20 Mexico Summit 2012

G20, APEC and EAS Leaders recognised in Cannes that “global recovery has weakened,
particularly in advanced countries, leaving unemployment at unacceptable levels.”
The end-November OECD Economic Outlook made clear the very real
threat of double-dip recession, with growth forecasts now falling practically
daily. Yet the financial market irresponsibility and greed that were largely
responsible for the recession have not been curbed; inequalities are still rising
to the benefit of the 1% and even more of the 0.1% at the top, while sovereign
debt crises put ever greater strain on the Euro, creating a context in which
unemployment is quasi-certain to rise further. The emerging economies in
the G20 are being affected too, and face particular social tensions in finding
jobs for millions of young people seeking work. And the 1.4 billion women
and men living in extreme poverty face little prospect of improvement in a
context of global economic stagnation.