The global jobs crisis
The world is engulfed in a jobs crisis. That’s the message from the United Nation’s International Labour Organization in its report released yesterday.
The ILO calculates that:
“Approximately 80 million net new jobs will be needed over the next two years to restore pre-crisis employment rates (27 million in advanced economies and the remainder in emerging and developing countries). However, in light of the recent economic slowdown, the world economy is likely to create only about half of those much-needed jobs.”
But the jobs shock has been asymmetric. Some economies have created jobs since 2008, while others have shed them at a frightening rate.
Two charts from the ILO demonstrate that fact.
This one shows advanced nations:
One can see from this just how serious the shock has been for Ireland, Spain and and Greece (relative to the size of the labour forces).
And here’s the chart for some emerging nations:
Latvia is sometimes held up as an economic success story and praised for its efforts to crush domestic prices through massive austerity, rather than devaluation. It probably doesn’t feel that much of a success if you’re a Latvian worker though.Tagged in: greece, International Labour Organization, ireland, jobs, Latvia, spain, unemployment
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