Global unemployment is expected to worsen over the next two years, according the International Labour Organization (ILO), citing lagging growth in key emerging economies.
ADVERTISEMENT
Global Unemployment to worsen -ILO
In a latest report, the ILO estimated that 197.1 million working-age people were unemployed in 2015, an uptick of 0.7 percent compared to 2014 figures.
"In 2016, the figure is expected to rise by a further 2.3 million, with another 1.1 million people added to the jobless roster in 2017."
The report also said that employment rates have not recovered from the financial crash of 2008, as 27 million more people were out of work last year as compared to the pre-crisis level."The report said the unemployment rate for developed economies decreased from 7.1 per cent in 2014 to 6.7 per cent in 2015, adding that these improvements were not sufficient to eliminate the jobs gap that emerged as a result of the global financial crisis.It said moreover, the employment outlook has now weakened in emerging and developing economies, notably in Brazil, China and oil-producing countries.
“The global economy is not generating enough jobs,” ILO chief Guy Ryder said.
ADVERTISEMENT
"The significant slowdown in emerging markets coupled with a sharp decline in commodity prices”, as the culprits fuelling a grim outlook for the global job market.
According to the ILO, unemployment is expected to fall slightly in advanced economies, but not by enough to fully offset the losses in the developing world.
The report forecasts that in the United States and some other advanced economies, “unemployment will decline to pre-crisis rates.”
The report said that informal employment – as a percentage of non-agricultural employment – exceeds 50 per cent in half of the developing and emerging countries with comparable data; in one-third of these countries, it affects over 65 per cent of workers.“The lack of decent jobs leads people to turn to informal employment, which is typically characterized by low productivity, low pay and no social protection."This needs to change."Responding urgently and vigorously to the scale of the global jobs challenge is key to successful implementation of the United Nations’ newly adopted 2030 Agenda for Sustainable Development,” Ryder stated.
In emerging markets, the number of people with vulnerable work is expected to grow by 25 million over the next three years, the report said.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Court jails truck driver 6 months for causing Ghana's brand-new train accident
609 Ghanaians died in first 3 months of 2024 through road crashes - NRSA reveals
Stay in your parents' house while you do your NSS - Sammy Gyamfi advises graduates
Joseph Addo files nomination to contest as NPP Parliamentary aspirant for La Dadekotopon
Dumsor: ECG board members reject PURC GH¢5.8m fine
Woman who claims to have been taken to another world by dwarfs shares experience
Organised Labour threatens to strike May 2 over Tier-2 pension arrears
Nana Addo assures he will prioritize the welfare of cocoa farmers