Group of 20 nations are planning to commit to orienting their financial and monetary policies toward job creation, Russian Deputy Labor Minister Alexey Vovchenko said in St. Petersburg today.

In a communique to be issued at the end of a two-day summit tomorrow, the group will agree that financial and fiscal commitments need to avoid harming the labor market as job growth is one of the main drivers of economic growth, Vovchenko said in an interview.

Emerging markets, which helped pull the world out of a recession after the global financial crisis, now face an exodus of cash and sliding currencies in anticipation of the U.S.

Federal Reserve's eventual tapering of its $85 billion in monthly bond purchases. Developed economies are turning into global growth engines as some emerging-market counterparts decelerate, the International Monetary Fund said in a report for G-20 leaders.

"It's through the prism of job creation that these policies should be adopted," Vovchenko said. "Job creation is seen as on of the engines of the locomotives economic growth, which stimulates demand."

Источник: Bloomberg