The ILO launches its annual report “World of Work Report 2012: Better Jobs for a Better Economy”. The new study examines the performance of different countries since the start of the global crisis through the prism of the quantity and quality of jobs.
Video news release
The world needs to create 50 million jobs to return to pre-crisis employment levels, according to the ILO's World of Work 2012 report, but fiscal austerity and tough labour market reforms threaten the scenario for a true jobs recovery.
Steven Tobin and Marva Corley, Senior Economists at the ILO, explain the effect austerity measures and reduced public investment had on a deteriorated job market. In contrast, some countries implemented policies to successfully generate jobs and improve the quality of employment.
Raymond Torres, Director of the ILO's International Institute for Labour Studies and lead author of study, depicts a grim picture for global employment.
Analytical piece by Raymond Torres, lead author of the World of Work Reports and Director of the International Institute for Labour Studies, the research arm of the ILO.
Despite signs that economic growth has resumed in some regions, the global employment situation is alarming and shows no sign of recovery in the near future.
Between 1.8 and 2.1 million jobs could be created over a one-year period in advanced economies if governments adopt a more employment friendly approach to fiscal austerity.
More than half of 106 countries surveyed by the ILO face a growing risk of social unrest and discontent.
Employment rates have increased in only 6 of 36 advanced economies (Austria, Germany, Israel, Luxembourg, Malta and Poland) since 2007."
Youth unemployment rates have increased in about 80 % of advanced countries and in 66 % of developing countries."
Poverty rates have increased in half of developed economies and in one third of developing economies."
Inequality rose in half of developed countries and one-fourth of developing economies."
On average, more than 40 % of jobseekers in advanced economies have been without work for more than a year."
Involuntary part-time employment has increased in two-thirds of advanced economies."
The share of informal employment stands at more than 40 % in two-thirds of emerging and developing countries."
At 19.8 % of GDP in 2010, global investment remains 3.1 percentage points lower than the historical average, with a more pronounced downward trend in advanced economies."