Strong measures are required to ensure fiscal consolidation and structural reforms following the 2008 financial crisis, a recent Organisation for Economic Co-operation and Development (OECD) communication has concluded.

The body has suggested that restoration of confidence and employment opportunities can be achieved through the use of coordinated action to maximise synergies between macroeconomic and structural bodies.

Its comments emerge after the International Monetary Fund forecast just four per cent economic growth between 2011 and 2012, which could lead to an increase in concern and loss of confidence among businesses and employees alike.

In addition, unemployment is set to remain high - with 20 million jobs likely to be required in the G20 countries to reset the employment rate to its original levels.

The OECD supported the world economy agenda drafted for the G20 Cannes Summit and expressed hope that the plans would be followed by action and results that could signal improvements for international finances.

This comes after a study carried out by the International Labour Organization predicted a massive jobs shortfall among G20 members by 2012.

Posted by Lee Thrace