International Labor Organization – More than 200 million people will be jobless by 2015

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Photo: SXC.hu

Source: The Voice Of Russia

Although there are “encouraging signs of recovery” in the labour market, according to the International Labour Organisation unemployment rates will remain “stubbornly high”.

Five years on from the financial crisis, the ILO said the employment situation remains “uneven”, with emerging and developing economies recovering much faster than the majority of advanced economies.

“Stagnating wages are adversely affecting demand, which in turn is dampening real investment, leading to poor job creation – reinforcing weak demand and so on,” the ILO claimed.

ILO added employment rates across emerging and developing economies will return to pre-crisis levels in 2015, while employment rates in advanced economies will only return to pre-crisis levels after 2017.

“At the global level, the number of unemployed people will continue to increase unless policies change course. Global unemployment is expected to approach 208m in 2015, compared with slightly over 200m at the time of publication,” said the ILO.

It also warned that in advanced economies, people were jobless for longer, or were dropping out of the jobs market altogether.

According to ILO, “this not only has adverse consequences on individuals and their families, but also can weaken previously stable societies, as opportunities to advance in a good job and improve one’s standard of living become the exception rather than the rule”.

Echoing warnings from politicians and other leaders that joblessness threatens the social fabric, the ILO said that employment trends have fuelled social tensions.

“Unrest related to the effects of the global crisis has occurred in both the advanced and developing and emerging economies,” said the ILO.

Voice of Russia, The Telegraph

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