The world’s advanced economies will suffer a lost decade of jobs growth with more people unemployed for longer and more dropping out of the labour market altogether, a key report has warned.
The International Labour Organisation says the risk of social unrest is rising as inequality worsens and unemployment continues to climb, and it will be “a major global challenge for the years to come”.
It predicts that employment rates in advanced economies will not return to pre-crisis levels until after 2017, more than 10 years on from the start of the global financial meltdown. It forecasts that emerging and developing economies will recover sooner, returning to pre-crisis employment by 2015.
The annual World of Work report warns that at a global level, the number of unemployed people will continue to increase unless policies change. Global unemployment is expected to approach 208 million in 2015, compared with slightly over 200 million now.
via The Guardian