World Employment and Social Outlook, WESO, has shown that the global employment crisis is bound to linger, especially in emerging economies.
The new International Labor Organization analysis revealed this despite falling unemployment levels in some developed economies.
Lingering high rates of unemployment worldwide and chronic vulnerable employment in many emerging and developing economies are still deeply affecting the world of work, warns a new ILO report.
The final figure for unemployment in 2015 is estimated to stand at 197.1 million and in 2016 is forecast to rise by about 2.3 million to reach 199.4 million. An additional 1.1 million jobless will likely be added to the global tally in 2017, according to the ILO’s World Employment and Social Outlook – Trends 2016 (WESO).
“The significant slowdown in emerging economies coupled with a sharp decline in commodity prices is having a dramatic effect on the world of work,” says ILO Director-General Guy Ryder.
“Many working women and men are having to accept low paid jobs, both in emerging and developing economies and also, increasingly in developed countries. And despite a drop in the number of unemployed in some EU countries and the US, too many people are still jobless. We need to take urgent action to boost the number of decent work opportunities or we risk intensified social tensions,” he adds.
In 2015, total global unemployment stood at 197.1 million – 27 million higher than the pre-crisis level of 2007.
The unemployment rate for developed economies plunged from 7.1 per cent in 2014 to 6.7 per cent in 2015.
In most cases, however, these improvements were not sufficient to eliminate the jobs gap that emerged as a result of the global financial crisis.
