A/HRC/20/29 III. Global context 11. The mandate of the Working Group is derived from and embedded in the constantly evolving debate on the global economic and human rights environment and the appropriate role of business in it. Without presuming to prioritize a single issue or represent a complete or rigorously analysed picture of the global context, the section below outlines some initial observations concerning broad current trends that have informed the considerations and deliberations of the Working Group to date. 12. Such global trends and issues as the expanding reach of international businesses, the growing demand for scarce natural resources and the ongoing global crises have focused unprecedented attention on the impact of businesses on the societies in which they operate. 13. The “governance gaps” created by globalization have become even more relevant in today’s environment of financial, economic, environmental and social crises. As the effects of these interacting global challenges continue to unfold, thousands of people around the world have taken to the streets to protest against sectors perceived to have contributed to these crises; the perceived failure of States to take adequate steps to protect the rights of vulnerable persons and ensure accountability, and the perceived excesses of globalization that have contributed to harmful business-related effects on the environment, equality, justice and human rights. 14. Continuing financial distress and economic downturn remain a major concern for policymakers aiming to improve global economic governance, fill regulatory gaps and design interventions to keep ailing economies afloat. In 2012, global economic recovery is expected to stall,6 and the International Labour Organization estimates that, with the recent slowdown in economic activity, only half the number of jobs required to recover pre-crisis employment rates will be created.7 15. While some segments of society have benefitted from current economic patterns and globalization, others undeniably have not. This poses a challenge for sustainable and inclusive economic development, and raises concerns that some individuals and communities are becoming increasingly marginalized and vulnerable to business-related impact on their human rights. 16. In the face of the interlocking and myriad challenges currently affecting the global economy, businesses, in conjunction with States, have an indispensable role to play, in shaping a common path towards a sustainable future. Businesses have a critical contribution to make to inclusive economic growth, job creation and the quest for new durable and innovative ways to realize all three pillars of sustainable development: economic, environmental and social. 17. In this context, scrutiny of how business enterprises are meeting their responsibility to respect human rights, and how States are protecting rights holders from business-related harm, is increasing.8 Civil society and other stakeholders are casting an ever wider and intense spotlight on instances of alleged company involvement in human rights infringements, adding weight to the push for greater accountability. 6 7 8 IMF, World Economic Outlook 2012, available from www.imf.org/external/pubs/ft/weo/2012/update/01/index.htm. International Labour Organization, World of Work Report 2011: Making markets work for jobs, International Institute for Labour Studies, Geneva, 2011. See www.business-humanrights.org. 5