Tens of millions to lose jobs in 2009: ILO

Tens of millions to lose jobs in 2009: ILO

Thursday, 29 January 2009, 04:55 Hrs   |    10 Comments
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Tens of millions to lose jobs in 2009: ILO
Bangkok/Geneva: Global unemployment would increase by 18 million to 51 million people this year from 2007 figures, depending on the extent and length of the economic crisis, the International Labour Organisation (ILO) predicted Wednesday.

"We are now facing a global jobs crisis," the UN organization's director general Juan Somavia said in Geneva. "Progress in poverty reduction is unravelling, and middle classes worldwide are weakening. The political and security implications are daunting."

The organization has painted three scenarios for global unemployment in 2009, ranging from bad to worst.

"In all scenarios, there will be an increase in the global unemployment rate in 2009, in particular in the developed economies," the ILO said in its annual Global Employment Trends report.

Under its most optimistic scenario, based on the International Monetary Fund's November economic projection for world economic growth, this year would finish with 18 million more unemployed people than at the end of 2007, with a global unemployment rate of 6.1 percent.

But the numbers could rise to 30 million or even 51 million, under the organization's second and third scenarios, which envision a much slower economic recovery.

For the Asia-Pacific region, the three scenarios suggested unemployment increases of 8 million, 15 million or 27 million.

While unemployment would reach higher levels in developed countries, the impact on deepening poverty would be felt hardest in the developing world, especially Asia, the organization said.

Under its third scenario, about 200 million workers could be pushed into extreme poverty with incomes as low as $1.25 a day, of which 140 million would be in Asia.

"It is evident that the world is facing an unprecedented crisis that calls for creative solutions," the organization said.

It urged governments worldwide to put an emphasis on employment creation in their fiscal stimulus packages and to improve social protection systems for workers and the unemployed.
Source: IANS
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Reader's comments(10)
1: it is time of being more rational
n analise how we indian can become more intlligent
than world to tackle with crisis
n become flourishing econmy
rather than IT sectr we have to take care of
merchadise trade
Posted by:vidya - 10 Feb, 2009
2: @RISHI ' As the economic crisis
started in Feb07, it is expected that the situation is expected in Apr09'

Thank you for the same, but who can do the needful for this?
Posted by:Raja - 01 Feb, 2009
3: The world economic system a future planes to avoid this global crisises.It will dame future hopes of students.
Posted by:kirankumar - 31 Jan, 2009
4: really it is more draw back for the person who is studying now , then also for corporate sector also . now only IT sector falls now all sector facing problem . ALL THIS
Posted by:SAKTHIVEL - 29 Jan, 2009
5: Being a NRI and while comparing other coutries, I am absoulutely happy with the current economy of India. Thanks god, he has saved the future of our country and had provided a chance to Prove the world, What the India is..
Posted by:Abdul Ghafoor - 29 Jan, 2009
6: It is the Greed of the rich nations that has driven the whole world in to a mess.One nations actions are having a ripple in the world. The silence of the other majority nations has resulted in this scenario.Only the Democratic voice of the nations when heard the world would survive the effects of globalisation.Every thing in globalised world will have a global effect whether it is suffering or otherwise. We had to face till we have another economic policy which is accepted by the world.
Posted by:Hari Prasad - 29 Jan, 2009
7: I agree with U Nauheed.....
Posted by:Ehtesham - 28 Jan, 2009
8: During peak period in IT employees has their say. They were changing jobs because they were not allowed to listen to running commentory on Cricket. But now it is Employer's turn to dictate terms. ha ha ha
Posted by:maaya - 28 Jan, 2009
9: It is a cycle that comes after every 7 years. It came in 93-92, then 2000-01 and now in 2008-09 and takes around 15 months to recover. As the economic crisis started in Feb07, it is expected that the situation is expected in Apr09.
Posted by:Rishi - 28 Jan, 2009
10: Its like there is some competition going on among the analysts too.. i.e. who can predict the worst outcome..
Posted by:nauheed - 28 Jan, 2009