UN forecasts rising unemployment in 2017
Throughout 2017, global unemployment is expected to rise by 3.4 million
Throughout 2017, global unemployment is expected to rise by 3.4 million. PHOTO: REUTERS
GENEVA/UNITED NATIONS:
The United Nations International Labour Organization (ILO) on Friday released its 2017 World Employment and Social Outlook report, which finds economic growth trends lagging behind employment needs and predicts both rising unemployment and worsening social inequality throughout 2017.
"We are facing the twin challenge of repairing the damage caused by the global economic and social crisis and creating quality jobs for the tens of millions of new labour market entrants every year," ILO Director-General Guy Ryder said in a statement.
State of Economy: Unemployment, low productivity and absence of trust
According to the report, global growth and domestic product (GDP) growth reached a six-year low last year, well below the rate that was projected in 2015.
Forecasters continue to revise their 2017 predictions downwards and uncertainty about the global economy persists, generating worry among experts that the economy will be unable to employ a sufficient number of people and that growth will not lead to inclusive and shared benefits.
Throughout 2017, global unemployment is expected to rise by 3.4 million. The increase, while a modest 5.7 to 5.8%, is due to deteriorating labour market conditions in emerging countries, particularly those in Latin America and the Caribbean.
However, unemployment is expected to fall in developed countries, especially in Northern, Southern, and Western Europe, the United States, and Canada.
In addition, the figure of 1.4 billion people who are employed in vulnerable working conditions is not expected to decrease. That number represents 42% of all employment for 2017.
Unemployment rate jumps to 13-year high
"Almost one in two workers in emerging countries are in vulnerable forms of employment, rising to more than four in five workers in developing countries," Steven Tobin, ILO Senior Economist and lead author of the report, said.
That statistic is even worse for emerging countries. Those living in Southern Asia and sub-Saharan Africa are facing the greatest risk.
The United Nations International Labour Organization (ILO) on Friday released its 2017 World Employment and Social Outlook report, which finds economic growth trends lagging behind employment needs and predicts both rising unemployment and worsening social inequality throughout 2017.
"We are facing the twin challenge of repairing the damage caused by the global economic and social crisis and creating quality jobs for the tens of millions of new labour market entrants every year," ILO Director-General Guy Ryder said in a statement.
State of Economy: Unemployment, low productivity and absence of trust
According to the report, global growth and domestic product (GDP) growth reached a six-year low last year, well below the rate that was projected in 2015.
Forecasters continue to revise their 2017 predictions downwards and uncertainty about the global economy persists, generating worry among experts that the economy will be unable to employ a sufficient number of people and that growth will not lead to inclusive and shared benefits.
Throughout 2017, global unemployment is expected to rise by 3.4 million. The increase, while a modest 5.7 to 5.8%, is due to deteriorating labour market conditions in emerging countries, particularly those in Latin America and the Caribbean.
However, unemployment is expected to fall in developed countries, especially in Northern, Southern, and Western Europe, the United States, and Canada.
In addition, the figure of 1.4 billion people who are employed in vulnerable working conditions is not expected to decrease. That number represents 42% of all employment for 2017.
Unemployment rate jumps to 13-year high
"Almost one in two workers in emerging countries are in vulnerable forms of employment, rising to more than four in five workers in developing countries," Steven Tobin, ILO Senior Economist and lead author of the report, said.
That statistic is even worse for emerging countries. Those living in Southern Asia and sub-Saharan Africa are facing the greatest risk.