Vatican diplomat says structural flaws of 'jobless growth' create problems

(June 14, 2011) While there are signs of recovery in the global economy, structural flaws in the system are preventing the creation of new jobs worldwide, said a Vatican diplomat. The ripple effects of widespread unemployment negatively influence the quality of society in all economies across the world, from the most advanced to the underdeveloped, said Archbishop Silvano Tomasi, the Vatican representative to United Nations agencies in Geneva, Switzerland. Addressing the U.N. International Labor Conference in Geneva recently. Archbishop Tomasi urged that all involved in the burgeoning global economic system, work to foster fundamental principles that ensure respect for the common good and protection of the most vulnerable. The prelate noted that the protracted economic downturn has caused social safety nets to be stretched to the breaking point, while austerity programs put in place in response to diminishing public budgets, often cut services that affect children, the elderly and weaker members of society. Although the world economy is growing and some indicators show it returning to pre-crisis levels, the archbishop said, it is not able to create sufficient number of jobs. This is a problem in poor and developed countries alike, but even in growing, emerging economies like China and India, he added..
"Old formulas for recovery and economic growth are proving less certain in a globally integrated economic environment," said Archbishop Tomasi, adding that governments have not been able to come up with a form of growth that restores jobs lost and creates new ones.