In the wake of the 2008 crash and the widespread government-imposed austerity that followed, high levels of long-term and youth unemployment across the globe are in danger of becoming fixed, according to an annual report by the International Labor Organization.
The ILO reported that the global employment rate dipped to 60.3 percent in 2011, a hair lower than the 2008 recession, and that youth unemployment rose in 80 percent of the world’s leading economies and in two-thirds of emerging economies. And in countries where employment was on the rise, the numbers often reflected an increase in part-time and temporary positions. —ARK
The study found there were still 50 million fewer jobs in the global economy than before the recession began in 2008 and it was unlikely that growth would be strong enough in the next two years to find jobs for an extra 80 million people looking for work.
Raymond Torres, director of the International Institute for Labour Studies and author of the report, said: “This is not a normal employment slowdown. Four years into the global crisis, labour market imbalances are becoming more structural, and therefore more difficult to eradicate. Certain groups, such as the long-term unemployed, are at risk of exclusion from the labour market. This means they would be unable to obtain new employment even if there were a strong recovery.”