ILO predicts further decline in global employment

Friday, 29 May 2009, 02:48 Hrs   |    1 Comments
Printer Print Email Email
Geneva: Global unemployment levels will be worse than previously predicted, the International Labour Organisation said Thursday, revising upwards its previous numbers.

According to the new data, unemployment could hit global rates between 6.5 percent and 7.4 percent. This would roughly be equal to 210 million and 239 million unemployed worldwide.

The new data showed a projected increase of between 39 and 59 million unemployed, compared to previous estimates released earlier this year which said unemployment would rise by between 24 and 52 million people.

The ILO warned that youth was being hit particularly hard. By 2015 around 300 million new jobs will have to be created just to absorb growth in labour force.

The organization warned of an "impending labour crisis."

While there were some predictions for economic recovery in 2010, the ILO said the job market would take longer to recover.

"On average, it can take four to five years after a crisis starts for pre-crisis unemployment levels to be recuperated," ILO Director General Juan Somavia told reporters in Geneva.

He warned of possible political unrest if unemployment increased and social nets were not there to catch the jobless.

The rise in unemployment was "unprecedented," Somavia said, and more workers were at risk of losing their jobs and falling into poverty.

The information was released ahead of next week's International Labour Conference in Geneva. At least ten heads of states were expected to attend, including France's Nicolas Sarkozy and Brazil's Luiz Inacio Lula da Silva.
Source: IANS
SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..