Global employment not to recover until 2016, says ILO
A report says that unemployment will continue to rise.
An International Labour Organisation report has warned that employment in Europe is not expected to return to pre-crisis levels until the end of 2016.
According to a UN report, the numbers of unemployed are to rise to 202m in 2012.
In advanced countries, an average of 40 per cent of job seekers in their prime (25 - 49), have been out of work for more than a year. Austria, Germany, Israel, Luxembourg, Malta and Poland are the only advanced economies that have seen employment rates grow since 2007.
In parts of Africa and the Middle East, unemployment amondst the young has caused social unrest to rocket. Elsewhere employment rates have also suffered, with stagnation in Japan, China, India and Saudi Arabia, although Latin America is recovering, with improvements in Argentina, Brazil and Mexico.
The ILO said that austerity measures in advanced economies were damaging job creation. The situation is likely to get worse, they said, with slowing global growth and an increasing number of job seekers. They said the situation would also have huge economic cost in terms of loss of skills and motivation. The social cost might include social strife, illness, and riots.