General secretary of the International Trade Union Confederation, Sharan Burrow, spoke to the Lowy Institute for International Policy in Sydney, Australia on Thursday August 1 about the need for an effective G20 in a precarious world.

Ladies and Gentlemen,

The global economy is no more stable today than it was six years ago, and the scourge of unemployment and inequality is driving economic instability and social despair.

In 2010 global growth stood at 5 per cent and it was described as the “green shoots” of recovery, but in hindsight it was the highlight of concerted action. The International Monetary Fund just last month again revised down global growth projections to a mere 3.1 per cent.  With the eurozone in continued recession and slow growth in the US, the drag on the BRICS countries is the latest casualty. With projected growth for Brazil at 2.5 per cent and with another percentage point off China’s growth, there is an urgent need for leadership. No nation is an island in today’s globalised economy.

To read the complete speech, click here.