With social unrest and unemployment being widespread worldwide, there is an urgent need to restore full employment as a global and national priority goal.
UNEMPLOYMENT has reared its ugly head to become arguably the world’s biggest economic and social problem once again. The situation today is not unlike the Great Depression in the late 1930s and early 1940s, when millions were thrown out of work.
Lack of jobs was associated with unrest then, and some historians think it contributed to World War II. It is now a major factor in street protests in Europe and unseated political leaders in Egypt and elsewhere.
Now, as then, there is confusion in intellectual and policy discussions on what has caused, and how to tackle, unemployment.
Global unemployment is now slightly above 200 million. It grew by 4.2 million last year and will do so by another five million this year, according to the International Labour Organisation (ILO).
There are 28 million more unemployed people today than in 2007, when the global financial crisis started. But the figure climbs to 67 million as a “global jobs gap” if we include those who chose to stop looking for jobs.
Globally, 73 million young people are unemployed, a 12.6% rate. But in some countries, 30% to 40% of the young are jobless and thus susceptible to frustration and rebellion.
Chosen excerpts by Job Market Monitor
Employment rates exceed pre-crisis levels in 30 per cent of the countries, have increased in 37 per cent and have continued to decline in the remaining 33 per cent finds ILO in World of Work report 2013
According to the World of Work report 2013 “Repairing the economic and social fabric”, income inequalities rose between 2010 and 2011 in 14 of the 26 advanced economies surveyed, including France, Denmark, Spain and the United States. Inequality levels in seven of the remaining 12 countries were still higher than before the start of the … Continue reading »
It is not easy to be young in the labour market today and skills mismatch is not helping them says ILO
The global youth unemployment rate, which had decreased from 12.7 per cent in 2009 to 12.3 per cent in 2011, increased again to 12.4 per cent in 2012, and has continued to grow to 12.6 per cent in 2013. This is 1.1 percentage points above the pre‐crisis level in 2007 (11.5 per cent). By 2018 …Continue reading »