Global economy risks jobless recovery
A new report finds global unemployment rates are continuing to rise, despite modest growth in the world economy. The International Labor Organization’s just-issued 2014 Global Employment Trends report says young people are particularly disadvantaged, with youth unemployment double the overall global unemployment rate.
By any measure, this is a dispiriting account of the global labor market. The report says the weak global economic recovery is failing to improve the worldwide job situation. The International Labor Organization says in 2013, nearly 202 million people were unemployed around the world. This represents an increase of almost five million on the previous year.
The report finds young people are particular victims of unemployment and more effort must be made to integrate them into the labor force. It says some 74.5 million men and women under the age of 25 are without jobs. It says global youth unemployment is more than 13 percent, compared to the overall worldwide rate of six percent.
Ryder says the quality of employment also is of concern. He explains the world has made significant progress in reducing the numbers of working poor over a decade. But he notes the rate of improvement stalled in 2013.
“We are seeing that the war on poverty has slowed down, or progress in the war on poverty, I should say, has slowed down in the wake of the crisis. Around 375 million workers still get $1.25 a day or less to live on – 839 million are living with their families on less than $2,” he said.
The ILO argues the continuing jobs’ crisis requires a more focused, effective response nationally and internationally. It says there is a clear linkage between the unacceptable levels of unemployment in the world and growing inequality. It adds this must be addressed by putting employment firmly at the center of policy making.