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11 million people to lose their jobs by the end of 2013: World of Work Report 2012

Geneva
1 May 2012

The number of people falling out of employment globally continues to increase and there are no signs the situation will improve in the near future, according to the International Labour Organization (ILO).

In its annual World of Work Report, ILO says job recovery especially in Europe, is not expected before the end of 2016 - unless there is a dramatic shift in policy direction.

The report says efforts by governments across the globe to cut their spending have not translated to more growth in the private sector.

The report says while unemployment is pushing poverty levels higher worldwide, countries in Sub-Saharan Africa, the Middle East and North Africa face increased threat of social unrest in 2011 compared to 2010 due to joblessness.

Raymond Torres, Director of the ILO Institute for International Labour Studies is the lead author of the report.

"If nothing is done the projections from the ILO suggest that unemployment will increase this year by 6 million people globally and next year by an addition 5 million people. The report clearly points to the combination of austerity measures with ill-conceived labour market reforms as real cause for the deterioration happening in Europe and little by little spreading to other parts of the world. Austerity has not produced more economic growth. The view was that by reducing budgets by reducing public investment there would be more room for increases in private investment and private demand. This has not materialized if only because demand overall is weak and in addition enterprises continue to have difficulties especially small ones to have access to the credit system.

Source: UN Radio Russian Service

 
Last update:03.05.2012 ^ top