G20 Holds Onto Protection of Jobs

G20 Labor and Employment Ministers meet. Asharq Al-Awsat
G20 Labor and Employment Ministers meet. Asharq Al-Awsat
TT

G20 Holds Onto Protection of Jobs

G20 Labor and Employment Ministers meet. Asharq Al-Awsat
G20 Labor and Employment Ministers meet. Asharq Al-Awsat

The G20 Labor and Employment Ministers have stressed the importance of protecting jobs and acknowledged the value of technology and a human-centered approach including by using Behavioral Insights in employment policymaking.

The Saudi Minister of Human Resources and Social Development, Eng. Ahmed Al Rajhi, said during the virtual meeting held by the ministers that “the COVID-19 crisis has created renewed impetus to safeguard labor markets and adopt social protection policies that secure people during and after crisis.”

“We are working with G20 countries to realize sustainable labor market recovery,” he told the meeting held under the G20 Saudi Presidency.

“This year, COVID-19 has brought an unprecedented global challenge with significant human costs. Fighting and overcoming the pandemic remains our highest and overriding priority,” said the ministers in their closing statement.

“We recognize the importance of protecting and promoting decent jobs for all, especially for women and youth, within our domestic and global labor markets.”

They stressed support for social protection systems to tackle gender inequalities.

The ministers also said they “acknowledge the value of bringing together technology and a human-centered approach including by using Behavioral Insights in employment policymaking.”



Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
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Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)

A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council, a non-profit membership organization.

The travel and tourism industry's contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.

The WTTC estimates the industry's contribution to global GDP in 2024 will increase 12.1% year-over-year to $11.1 trillion, making up 10% of global GDP. This represents about a 7.5% increase from the previous record set in 2019.

"Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally," said Julia Simpson, CEO of the non-profit organization.

Travel spending in the US, Chinese and German economies is expected to contribute the most to GDP.

The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record prior to the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field.

In the United States, there are currently 1 million job openings across the leisure and hospitality industry, according to the US Travel Association. Total employment supported in the US was about 27 million jobs in 2023, according to the WTTC.