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Global Unemployment on Record Levels

ILO's Global Employment Trends

The number of jobless worldwide reached nearly 212 million in 2009 following an unprecedented increase of 34 million compared to 2007, on the eve of the global crisis, the International Labour Office (ILO) says in its recent annual “Global Employment Trends” report (see reference). Based on IMF economic forecasts, the ILO estimates that global unemployment is likely to remain high through 2010. A WDEV summary and a comment by C.P. Chandrasekhar

 

In the Developed Economies and European Union unemployment is projected to increase by an additional 3 million people in 2010, while it will stabilize at present levels, or decline only slightly, in other regions. The ILO also says the number of unemployed youth worldwide increased by 10.2 million in 2009 compared to 2007, the largest hike since 1991. At the same time, the ILO report shows wide variations in the employment impact of the crisis between regions and countries as well as in labour market recovery prospects ...

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