11/07/2012
The current weak economic recovery will keep unemployment rates in Organisation for Economic Co-operation and Development (OECD) countries high until at least the end of 2013, according to a new OECD report.
Image: UN/ILO
The Employment Outlook 2012 says that the OECD-wide joblessness rate is forecast to remain high at 7.7% in the fourth quarter of 2013, close to the 7.9% rate in May 2012. This leaves around 48 million people out of work across the OECD.
In the Euro area, unemployment rose further in May to an all-time peak of 11.1%.
Moreover, job creation during the weak recovery of the past two years has often been concentrated in temporary contracts because many firms are reluctant to hire workers on open-ended contracts in today’s uncertain economic environment, says the report.
To get employment rates back to pre-crisis levels, about 14 million jobs need to be created in the OECD area. Young people and the low-skilled continue to bear the brunt of the jobs crisis.
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11/07/2012
If current economic policies do not change quickly, the Eurozone may lose 4.5 million jobs over the next four years, the United Nations warned in a new report, adding that this would increase the risk of social unrest and would further erode citizen’s confidence in their governments, the financial system and European institutions.
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Young people have protested around the world for more jobs and equality. Photo: ILO
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Produced by the International Labour Organization
(ILO), the report –
Eurozone job crisis: Trends and policy responses– stresses that there is “mounting evidence” that a prolonged labour market recession may be in the making, with labour markets in Europe not having yet recovered from the global crisis that hit the world economy in late 2008.
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“Without a prompt policy turn – to address the crisis and to regain the trust and support of workers and enterprises – it will be difficult to implement the reforms necessary to put the Eurozone back onto a path of stability and growth,” the report states.
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