Saturday, January 23, 2016

global unemployment to rise by an additional 3.4 million

theguardian |  More than 3 million people will become unemployed worldwide in the next two years, making existing jobs vulnerable and fuelling potential social unrest as the global economy slows, a report warns.
The International Labour Organization predicts unemployment will rise by about 2.3 million this year to 199.4 million, and that 1.1 million will be added to the global count in 2017, taking joblessness to more than 200 million for the first time on record.
The ILO, a UN agency focused on labour standards and social protection, said the effects of last year’s economic slowdown would play out in higher unemployment in 2016, particularly in Asia, Africa, Latin America and the Middle East.
Developing markets in those areas will bear the brunt of increased joblessness after the prices of oil and other commodities tumbled in response to slowing growth, the ILO said in its World Employment and Social Outlook report for 2016.
The ILO released the forecasts as the global financial elite gathered in the Swiss ski resort of Davos for the World Economic Forum’s annual meeting. The event takes place as oil prices hover near 13-year lows below $30 a barrel, share prices tumble and analysts try to determine the impact of China’s slowing economy.
Raymond Torres, one of the report’s authors, said market turmoil at the start of 2016 meant his already gloomy predictions could prove overoptimistic. The International Monetary Fund cut its global growth forecast on Tuesday.