An alarming report from the International Labour Organisation which says there are nearly 200 million people currently unemployed worldwide and 600 million new jobs will have to be created in the next decade to keep up with population growth.
That is 40 million jobs each year.
The ILO called for more coordination of government’s fiscal policies as well as repair and regulation of the financial sector and support for the real economy.
“What has changed with respect to last year is that our forecast has become much more pessimistic,” said Ekkehard Ernst, one of the report’s authors.
“We had expected a gradual stagnation or coming down of unemployment numbers. That’s not something we foresee this year any more. Even in our baseline the unemployment numbers are increasing. With a possibility of a serious deterioration of global growth these numbers actually increase very much.”
Even under fairly benign conditions such as a quick resolution of the euro debt crisis, the ILO expects global unemployment to be stuck at about six percent until at least 2016.