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LATEST NEWS UPDATES | Jobs crisis could spark unrest: ILO by Larry Elliott

Jobs crisis could spark unrest: ILO by Larry Elliott

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published Published on Nov 2, 2011   modified Modified on Nov 2, 2011

Coming months ‘crucial'

The International Labour Organisation has warned that a jobs crisis caused by the slowdown in the global economy threatens a wave of widespread social unrest engulfing both rich and poor countries.

Highlighting the darkening prospects for employment, the Geneva-based ILO said policymakers were running out of time to head off a double-dip recession in labour markets. “We have reached the moment of truth,” said Raymond Torres, director of the ILO International Institute for Labour Studies to mark the publication of the organisation's World of Work report. The study found that only half the 80 million jobs needed to return employment to its pre-crisis levels were likely to be created over the next two years, and that the stalling of the global recovery was already leading to an increase in joblessness. Mr. Torres said: “We have a brief window of opportunity to avoid a major double-dip in employment.” In a new “social unrest” index, the ILO said there was growing unhappiness over the lack of jobs and anger over perceptions that the burden of the crisis is not being shared fairly. It noted that in over 45 of the 118 countries examined, the risk of social unrest is rising, with signs of tension in the EU, the Arab region and to a lesser extent Asia.

Official figures released on Tuesday showed that unemployment in the 17-nation eurozone had climbed to a 15-year-high of 10.2 per cent. Young people are being hardest hit by the lack of jobs, with youth unemployment at 29 per cent in Italy, 43 per cent in Greece and 48 per cent in Spain.

“The next few months will be crucial for avoiding a dramatic downturn in employment and a further significant aggravation of social unrest,” the ILO report said. “The world economy, which had started to recover from the global crisis, has entered a new phase of economic weakening. Economic growth in major advanced economies has come to a halt and some countries have re-entered recession, notably in Europe.” The report noted that even before the latest setback, the situation was “precarious”, with 200 million people unemployed worldwide.

In a separate study, the Organisation for Economic Cooperation and Development reported a marked slowdown in activity in the developed West over the past six months and urged G20 leaders to be bold at their Cannes summit this week to avoid a repeat of the collapse that followed the Lehman Brothers bankruptcy in September 2008. Angel Gurria, the OECD's secretary-general, called for “bold decisions” by the G20 and said the bailout measures announced by the eurozone last week should be implemented “promptly and forcefully”. — © Guardian Newspapers Limited, 2011


The Hindu, 2 November, 2011, http://www.thehindu.com/todays-paper/tp-international/article2590576.ece


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