International Labour Market

 

The International Labour Organization (ILO) believes 202 million people in the world will be unemployed in 2012, an increase of six million from last year.

According to a new ILO report, the economic austerity measures and reforms in the labor market had very negative consequences for the global employment. The organization warns of the danger of unrest if the various governments are unable to combine austerity with the creation of new jobs.

The strategy of cutbacks and regulations were expected to lead to more growth. It has not happened, says Raymond Torres, Director of ILO’s Institute for Studies in the international labor market.

In Norway the 1st of May speech performed by our Prime Minister; Jens Stoltenberg spoke about the concerns of Spain Economy which is now worse than before. “The danger of economic crisis in Europe is far from over” He warned against growing unemployment in several European countries, and called the rising unemployment for the real crisis. (I found that very true!)

According to the ILO report, around 50 million jobs have disappeared since the financial crisis!

 

  •  It all started out with bailing out banks, then to saving countries with giving them enormous sums of money, but now we need to help the people! Something has to be done to get people into work!

 

Source: http://www.stocklink.no/Article.aspx?id=92113, http://www.ilo.org/global/lang–en/index.htm

 

2 thoughts on “International Labour Market

  1. The labor market overall has deteriorated over the past six months, with a very significant slowdown in the case of European countries. Unemployment is growing in a significant number of countries, including more than two-thirds of European countries over the past year. In advanced countries, especially in Europe, employment is not expected to return to pre-crisis levels of 2008 until the end of 2016, two years later than it previously predicted.
    Although originated in the financial sector, the global crisis has had different characteristics across countries. In most of them, the banking system was affected by the disruption of financial markets, which reduced credit supply and which increased the cost of financing. Also, in most countries, there were substantial losses of financial wealth, which translated into weaker consumption and investment demand. Additionally, in some countries the crisis revealed that the fundamentals of growth during the expansion period (credit, housing booms) were unsustainable, so that the recovery requires a significant sectoral reshuffling of production factors, and higher productivity growth. Spain is within this latter category.
    In Spain, unemployment shot up to 24 percent in the first quarter, its highest level in almost two decades and one of the worst jobless figures in the developed world.

    Reply

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