The Think 20 engagement group stressed the need for the upcoming G20 summit to adopt a recommendation on strengthening social cohesion in the various stages of demographic transition, and to mitigate the negative effects of population aging on financial sustainability.
On Tuesday, a webinar organized by the T20 Migration and Young Societies Task Force explored macro and microeconomic policies with a focus on the problem of high unemployment rates among the youth.
In remarks to Asharq Al-Awsat, Princess Maha bint Mishari, head of the Task Force, underlined the need to find solutions to the challenges created by the Covid-19 pandemic, noting that the world should focus on the most vulnerable population groups.
She also called for the need to strengthen cooperation between the Office of the United Nations High Commissioner for Refugees (UNHCR) and the relevant international organizations, including the International Committee of the Red Cross, to monitor the budgets of humanitarian aid, search for solutions to the current crisis, and maintain the education for vulnerable population groups, which would curb poverty.
The UNHCR 2019 report indicated that among the 7.1 million refugee children of school age, 3.7 million do not attend school, mainly for lack of funds earmarked for refugee education, amid an increasing annual influx of refugees and migrants due to conflicts, unrest and wars.
Tuesday’s webinar discussed macro and microeconomic policies aimed at solving the problem of high youth unemployment and providing skills and opportunities, in addition to the means to create innovative strategies and programs that encourage intergenerational participation.
Economic and demographic factors and the outbreak of regional conflicts have pushed a large proportion of the world’s population to voluntary or forced migration, participants noted during the webinar. They said that most of these migrations take place from developing countries to more developed G20 states, where migrants and refugees often face problems in social and economic integration into new societies.
The task force focused on eight issues, including developing innovative policies and programs to encourage participation between generations, providing skills and opportunities for young people, and developing macro and microeconomic policies to address high youth unemployment, referring to demographic changes, economic growth and reform of social systems.
It also emphasized the need to encourage the integration of migrants into society and the labor market, while providing them with access to basic services and education, supporting talents and skills and developing evidence-based research on the social, political and economic impacts of migration, as well as benefiting from success stories.
On a different note, the T20 Task Force 8 announced the completion of the global financial structure that aims to manage financial stability in developed and developing countries.
The work of the task force focuses on public policy measures pertaining to global financial management, including cooperation between regional and multinational authorities to manage financial stability in developed and developing countries, in addition to encouraging the improvement of the comprehensive financial sector through new tools, including Islamic finance.
The task force also deals with the governance and regulation of cryptocurrency and financial technology and study their effects on the international monetary system.
Among its priorities is encouraging the development of an inclusive financial sector in emerging and developing economies.
The T20 Saudi Arabia recommendations will be shared with G20 leaders for their consideration in the G20 communique during the G20 Summit, which will take place in Riyadh in November 2020.