Global Employment Trends - 2008

GENEVA (ILO News) – Economic turbulence largely due to credit market turmoil and rising oil prices could spur an increase in global unemployment by an estimated 5 million persons in 2008, the International Labour Office (ILO) said today in its annual Global Employment Trends report (GET).

The new projection for 2008 is in contrast to 2007, a watershed year in which sound global GDP growth – of more than 5 per cent –, led to a “stabilization” of global labour markets with more people in work, a net increase of 45 million new jobs and only a slight increase in the number of people unemployed, to a total of 189.9 million persons worldwide.

“This year’s global jobs picture is one of contrasts and uncertainty”, said ILO Director-General Juan Somavia. “While global growth is annually producing millions of new jobs, unemployment remains unacceptably high and may go to levels not seen before this year. What’s more, though more people are in work than ever before, this doesn’t mean that these jobs are decent jobs. Too many people, if not unemployed, remain among the ranks of the working poor, the vulnerable or the discouraged.”

Significantly, the ILO report noted that the reduction in the growth in developed economies attributed to credit market turmoil and higher oil prices so far had been “compensated for in the rest of the world”, especially in Asia, where economic and job growth remained strong. However, the ILO report warned that an expected slowdown in growth during 2008 could increase the global unemployment rate to 6.1 per cent, with a resulting absolute increase of at least 5 million unemployed worldwide.

Further information:

http://www.ilo.org/global/About_the_ILO/Media_and_public_information/Press_releases/lang--en/WCMS_090085/index.htm

 

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