ILO: World economy on verge of new jobs recession

BBC ^ | Oct 31st 2011 | Staff

[Cardhu]

The global economy is on the verge of a new and deeper jobs recession that may ignite social unrest, the International Labour Organization (ILO) has warned.

It will take at least five years for employment in advanced economies to return to pre-crisis levels, it said.

The ILO also noted that in 45 of the 118 countries it examined, the risk of social unrest was rising.

Separately, the OECD research body said G20 leaders meeting in Cannes this week need to take "bold decisions".

The Organisation for Economic Co-operation and Development said the rescue plan announced by EU leaders on 26 October had been an important first step, but the measures must be implemented "promptly and forcefully".

The OECD's message to world leaders came as it predicted a sharp slowdown in growth in the eurozone and warned that some countries in the 17-nation bloc were likely to face negative growth.

'Moment of truth'

In its World of Work Report 2011, the ILO said a stalled global economic recovery had begun to "dramatically affect" labour markets.

It said approximately 80 million net new jobs would be needed over the next two years to get back to pre-crisis employment levels.

[Cardhu]

"It also cut its growth forecasts for the US to 1.7% in 2011 and 1.8% in 2012. It had previously expected growth of 2.6% and 3.1% respectively."

[blam]

"The ILO also noted that in 45 of the 118 countries it examined, the risk of social unrest was rising. "

The American People Are Angrier Than Ever And Record Setting Government Transfer Payments Are Not Pacifying Them

[Jane Long]

...a new and deeper jobs recession that may ignite social unrest.

They're trying as hard as they can to foment social unrest. It's the only way their top down (gov't regs/pressure), bottom up (social unrest) plan will work.

[DJ MacWoW]

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