600 million jobs needed in 10 years
After three years of continuous crisis conditions in global labor markets and against the prospect of a further deterioration of economic activity, there is a backlog of global unemployment of 200 million, the report said
The global economy needs to create 600 million jobs in the next 10 years to sustain economic growth and maintain world social stability, a U.N. report said.
In its annual report on global employment, the U.N. International Labor Organization says there is also the additional challenge of creating decent jobs for an estimated 900 million workers, most of them living in developing countries, who currently subsist on less than $2 a day.
After three years of continuous crisis conditions in global labor markets and against the prospect of a further deterioration of economic activity, there is a backlog of global unemployment of 200 million, the report said. In addition, about 400 million new jobs would be needed during the next 10 years to absorb a labor force expansion for a total of 600 million jobs.
Despite strenuous government efforts, the jobs crisis continues unabated, with one in three workers worldwide -- or an estimated 1.1 billion people -- either unemployed or living in poverty, ILO Director General Juan Somavia.
What is needed is that job creation in the real economy must become our number one priority.
- IMF report details the crippling economic effects of conflict in MENA
- Saudi Arabia's plastic consumption 20 times higher than global average
- VAT in Egypt: A guide to taxed and exempted goods
- Go big or go home: Expat salaries soar in Dubai
- Lebanon: Financial analysts warn of long-term economic repercussions after BLOM Bank attack
- ILO: World unemployment reaches new high of 180 million
- What the world needs: Facebook added $227 billion to the world economy, created 4.5 million jobs
- ILO warns of deeper jobs recession
- Algeria needs $5.8 billion to raise number of jobs in industrial sector to 600,000
- Global jobs crisis: G-20 must act now to avoid lost decade