Global employment pressured by weak economic recovery: ILOListen /
The continuing weak economic recovery is likely to add further pressure to the global employment situation, International Labour Organization (ILO ) Director-General Guy Ryder has warned.
Speaking at the ILO's governing body meeting, Ryder pointed to the International Monetary Fund's (IMF) downgrading of global growth figures in October from the forecasted 3.2 per cent for 2013 to 2.9 per cent–the lowest rate since 2010. Projections for 2014 have also been downgraded from 3.8 per cent to 3.6 per cent.
Ryder said "These revised projections reflect difficulties facing all major components of the economies of developed, emerging and developing economies. They also reflect the difficult environment facing enterprises and workers in the real economy."
He highlighted record levels of unemployment, stagnant wages in many countries, private investment below pre-crisis levels and a public sector under pressure to make cuts, noting that "These trends will further affect the global employment situation."
The ILO chief said youth unemployment is expected to remain high in most regions and informal work will continue to rise, contributing to widening inequality in many countries.
However, Ryder pointed to some positive developments: Several emerging and developing countries have shown more resilience than in earlier crises. Some European countries hardest hit by the economic crisis may be beginning to grow again, he said.
Donn Bobb, United Nations.