Thursday, 3 November 2011

global jobs situation is calamitous

Three years after the onset of the economic crisis in 2008, the global jobs situation is calamitous. According to the ILO, 80 million jobs would have to be added in the next two years just to reach pre-crisis employment levels. Basing itself on extraordinarily optimistic assumptions, the ILO anticipates that only half that number will be created
In the advanced industrial countries, including the United States and Europe, there are 13 million fewer jobs now then four years ago. Employment in these countries is not expected to recover until well past 2016. Youth unemployment is above 20 percent, and long-term unemployment has soared to record heights. (See “ILO report warns of sharp employment downturn, social unrest“)

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