Capital Ethiopia Newspaper

World needs 600 mln. Jobs for economic growth- UN report

The World needs to create 600 million new jobs over the next decade to sustain economic growth and maintain social stability, the United Nations International Labor Organization (ILO) said in its annual report on global employment it issued. According to a report entitled ‘Global Employment Trends 2012: Preventing A deeper Jobs crisis,’ the world faces the additional challenge of creating decent jobs for the estimated 900 million workers who subsist on less than 2 USD a day, most of them in developing countries. “After three years of continuous crisis conditions in global labor markets and against the prospect of a further deterioration of economic activity, there is a backlog of global unemployment of 200 million,” UN News said quoting the report. More than 400 million new jobs will be needed over the next 10 years to absorb a labor force expansion of an estimated 40 million people. “Despite strenuous government efforts, the jobs crisis continues unabated, with one in three workers worldwide or an estimated 1.1 billion people either unemployed or living in poverty,” said Juan Samovia, the ILO Director-General. “What is needed is that job creation in the real economy must become our number one priority,” he said. The economic recovery that started in 2009 was short lived, according to the report, which notes that there are still 27 million more unemployed workers than at the start of the crisis.
(The Ethiopian Herald)