International Labour Organization (ILO) says world heading for a new and deeper jobs recession
International Labour Organization (ILO) says world heading for a new and deeper jobs recession, warns of more social unrest
World of Work Report 2011
In a grim analysis issued on the eve of the G20 leaders summit, the International Labour Organization (ILO) says the global economy is on the verge of a new and deeper jobs recession that will further delay the global economic recovery and may ignite more social unrest in scores of countries.
“We have reached the moment of truth. We have a brief window of opportunity to avoid a major double-dip in employment,” said Raymond Torres, Director of the ILO International Institute for Labour Studies that issued the report.
The new “World of Work Report 2011: Making markets work for jobs”says a stalled global economic recovery has begun to dramatically affect labour markets. On current trends, it will take at least five years to return employment in advanced economies to pre-crisis levels, one year later than projected in last year’s report.
Noting that the current labour market is already within the confines of the usual six-month lag between an economic slowdown and its impact on employment, the report indicates that 80 million jobs need to be created over the next two years to return to pre-crisis employment rates. However, the recent slowdown in growth suggests that the world economy is likely to create only half of the jobs needed.
The report also features a new “social unrest” index that shows levels of discontent over the lack of jobs and anger over perceptions that the burden of the crisis is not being shared fairly. It notes that in over 45 of the 118 countries examined, the risk of social unrest is rising.
The report’s other main findings include:
Respondents in half of 99 countries surveyed say they do not have confidence in their national governments.
In 2010, more than 50 per cent of people in developed countries report being dissatisfied with the availability of decent jobs.
Food price volatility doubled during the period 2006-2010 relative to the preceding five years, affecting decent work prospects in developing countries.