The challenge that governments are facing to create 600 million jobs over the next decade is not the most realistic mission when looking at today’s global labor market.
The International Labor Organization (ILO) sees this issue more pessimistic, because of the actuality of an overall weaker global economy. Despite the fact that 1.1 billion people were either unemployed or living in poverty is not a well perspective for people and especially not for youth employment as well as following generations of the global labor market. Regardless of Europe, the International Labor Organization could identify that in emerging economies such as in South America and East Asia the job creation was pushed by good economic conditions.
However, the overall growth concern was inspected based in the annual Global Employment Trend report, which deals with the overall employment sector and its labor market analysis, including the development, outlook and policy issues. Hence, 1.1 billion people, or to make it more clear, one in three workers worldwide is unemployed or living in poverty, despite all government efforts. Some parties sharing the opinion that because of the global labor markets’ worse assessment, the conditions of the crisis are still visible enormously. Based on the fact of ILO’s forecast for the next years, it has become much more pessimistic than last years with regard to the deceleration of the growth rate.
Looking at the fact, that there are 29 million fewer workers in the global labor force than in the forecast before the economic slowdown, which has begun three years ago, is quite alarming. Thus, these 29 million people are categorized of discouraged workers or even people that have just stopped looking for work, depending on several factors. For instance, many people think that they will not find a job anyhow and therefore not even looking for one. This issue is being prejudiced through bad influence from the society and peoples’ environmental surroundings. However, if these discouraged workers were actually counted to the total figure of jobless that global unemployment rate would even rise from 6% to 6.9%, which would be around 225 million people worldwide.
To sum up, it can be said that that all these figures and facts are quite terrifying, although factual. Especially young people have been affected by the job crisis and their future forecasts are quite rare and this why people need to face the truth in order to ensure for better prospects step by step for a better global labor market on the long term.
Sources: International Labor Organization (ILO) & Business News