ILO: UNEMPLOYMENT HITTING GLOBAL RATES

According to new data released by the International Labour Organisation (ILO), it predicted unemployment could hit global rates between 6.5% to 7.4% and would be around 39 million to 59 million people worldwide. The previous expectation was roughly between 24 million to 52 million people.

Another prediction made by the ILO was that by the year 2015, around 300 million new jobs are needed to absorb the growing labour force, owing to the rise in economic status and the increasing educational & technical knowledge imparted to the youth of the developing and under-developed nations primarily.

The ILO quoted this as ‘Impending Labour Crisis.’

While some prediction of the market gurus’ world over is that of economic recovery from the extended onslaught of the recession period in the year 2010, ILO predicted it would take longer!

According to ILO Director General Juan Somavia, ‘On an average 4-5 years are required for the pre-crisis unemployment levels to be recuperated after such severe crisis starts’. He also warned of severe political unrest if unemployment keeps on increasing at the same rate.

This information was released ahead of the next week’s International Labour Conference in Geneva.