Unemployment: It Ain’t Over Till It’s ... 2015
Posted on Oct 1, 2010
Those waiting for recovery from unemployment woes might have to wait a bit longer. The U.N.’s International Labor Organization has warned that it may take until 2015 for the global economy to bounce back to pre-crisis employment levels. Meantime, look for more social unrest of the kind now unfolding across Europe.
Protests related to the crisis have already been reported in at least 25 countries. —JCL
The International Labour Organisation (ILO) has warned of growing social unrest because it fears global employment will not now recover until 2015.
This is two years later than its earlier estimate that the labour market would rebound to pre-crisis levels by 2013. About 22 million new jobs are needed – 14 million in rich countries and 8 million in developing nations.
The United Nations work agency today warned of a long “labour market recession” and noted that social unrest related to the crisis had already been reported in at least 25 countries, including some recovering emerging economies.
AP / Manu Fernandez
Riot police confront demonstrators on Wednesday during a general strike against the Spanish government’s austerity measures.