Global Unemployment to Reach Record Levels

A U.N. report says that the modest economic gains of the past two years aren't enough to stop the climbng jobless numbers worldwide.

Posted: 01/23/2013 11:41 AM EST
Global Unemployment to Reach Record Levels

A new report from the United Nations shows that the jobless rate around the world is set to increase over the next twelve months, despite modest economic gains of the past.

The U.N.’s annual Global Employment Trends report warns that widespread economic insecurity and insufficient policies have led to stagnant hire rates in many countries. The solution to which, says the report, is global cooperation on economic issues.

“We see that unemployment is set to rise again. Our projection would be for 5.1 million more in 2013 and still a further 3 million in 2014. So the trends are very much in the wrong direction,” said International Labour Organization Director-General Guy Ryder. “The high uncertainty, which is holding off investments and job creation, will not recede if countries come up with conflicting solutions,”

Ryder predicts that young people will be most affected by the global economic troubles. According to the ILO, nearly 35 percent of unemployed young people in countries with “advanced economies” have been out of a job for six months or longer. The number of job seekers is estimated to rise to more than 210 million over the next five years.

The report urges world governments to work together and provide job assistance to young people in their respective nations. 

"This is a massive waste of the lives of young people and their talents, and extraordinarily damaging to the people themselves and their societies," Ryder told BBC.

 

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(Photo: REUTERS/Susana Vera)

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