ILO paints grim employment picture

There will be increased joblessness in the coming five years as the global economy enters a period of slower growth, says a new report.

The report released by the International Labour Organisation on Tuesday estimates that more than 212 million people will be jobless by 2019 as a result of widening inequalities and economic turbulence.

Currently, there are about 201 million jobless people.

ILO Director-General Guy Rider said though employment had improved in the United States and Japan, the situation remains precarious in a number of economies, particularly in Europe and Africa.

“More than 61 million jobs have been lost since the start of the global crisis in 2008 and our projections show that unemployment will continue to rise until the end of the decade. This means the jobs crisis is far from over so there is no place for complacency,” Mr Ryder said on Tuesday. According to the report, the situation has not improved much in sub-Saharan Africa, in spite of its better economic growth.

“The steep decline in oil and gas prices, if sustained, may improve the employment outlook somewhat in many advanced economies and several Asian countries. By contrast, it will hit labour markets hard in major oil and gas producing countries, notably in Latin America, Africa and the Arab region,” says the report.

Young workers aged 15-24 are particularly hit by the crisis, with a global youth unemployment rate of almost 13 per cent in 2014 and a further increase expected in coming years. By contrast, older workers have fared relatively well since the start of the global financial crisis in 2008.