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2019-08-30 10:45:00

HIGH AND RISING INEQUALITIES OF OPPORTUNITIES

HIGH AND RISING INEQUALITIES OF OPPORTUNITIES

IMFJoint Statement by the President of France, ILO Director-General, World Bank Group President, IMF Acting Managing Director, WTO Director-General and OECD Secretary-General on the occasion of the G7 Summit under the French Presidency

August 28, 2019

1. High and rising inequalities of opportunities and outcomes pose risks to global growth, economic stability and social cohesion and to the achievement of the Sustainable Development Goals more generally, as shown by the work of the International Labour Organization (ILO), the World Bank Group, the International Monetary Fund (IMF), the World Trade Organization (WTO), and the Organization for Economic Cooperation and Development (OECD). We share the view that, in the face of global challenges, a renewed and effective multilateralism, including enhanced cooperation and coherent approaches, is more important than ever. The international organizations welcome the opportunity offered by the French presidency to engage with G7 members to promote sustainable growth and fight against inequalities.

2. Many initiatives have been undertaken by international organizations to promote economic growth that is sustainable, inclusive and leaves no one behind; to enhance opportunities; to ensure decent work for all and access to quality education, health and government services; and to make trade work for all and improve living conditions.

3. While noting the distinct nature of international organizations’ mandates, we are convinced that stronger cooperation, where appropriate, will increase their efficiency and impact in delivering the outcomes identified by their Members.

4. With full respect to each organization’s mandates, we will continue to strengthen our cooperation with a view to:

- Helping countries achieve improved outcomes on growth, shared prosperity and sustainable development.

- Fostering regular dialogue to exchange good practices in tackling inequalities and to strengthen synergies and complementarities in developing policy approaches to inclusive growth.

- Identifying areas for collaboration through joint analysis and technical assistance, to reduce inequalities and to ensure adequate access to social protection while recognising the unique circumstances and capabilities of our respective institutions and members.

- Supporting each other’s work to achieve the Sustainable Development Goals.

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