Eurozone risks losing a further 4.5 million jobs - ILO
A report by the ILO’s International Institute for Labour Studies says a concerted policy shift towards job creation is needed in order to reverse the heavy unemployment crisis affecting the single-currency area.
Source : https://www.marocafrik.com/english/Eurozone-risks-...
Unemployment in the Eurozone could reach almost 22 million over the next four years, up from 17.4 million, unless policies change course in a concerted manner, the ILO says in a report entitled “Eurozone job crisis: trends and policy responses” .
The study warns that without a shift in policy direction all countries in the Eurozone – both those currently under stress and their healthier counterparts – will suffer.
“It’s not only the Eurozone that’s in trouble, the entire global economy is at risk of contagion,” said ILO Director-General Juan Somavia.
“Unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off. We also need a global consensus on a new path for job-intensive growth and globalization. This is a major leadership responsibility of the United Nations, the Bretton Woods system and the G-20,” he added.
The consequences of a lengthier labour market recession would be particularly dire in the short term for young jobseekers. Thios follows an earlier report by the ILO on the critical situation for young jobseekers. All evidence points to the risk of a prolonged labour market recession, threatening the sustainability of the single currency. At the same time, the jobs situation is feeding social unrest and eroding confidence in banks and the financial system, national governments and European institutions, the ILO report said.
The report says that, by embracing a Eurozone growth strategy with jobs at its core, a recovery is still possible within a single-currency setting.
The study warns that without a shift in policy direction all countries in the Eurozone – both those currently under stress and their healthier counterparts – will suffer.
“It’s not only the Eurozone that’s in trouble, the entire global economy is at risk of contagion,” said ILO Director-General Juan Somavia.
“Unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off. We also need a global consensus on a new path for job-intensive growth and globalization. This is a major leadership responsibility of the United Nations, the Bretton Woods system and the G-20,” he added.
The consequences of a lengthier labour market recession would be particularly dire in the short term for young jobseekers. Thios follows an earlier report by the ILO on the critical situation for young jobseekers. All evidence points to the risk of a prolonged labour market recession, threatening the sustainability of the single currency. At the same time, the jobs situation is feeding social unrest and eroding confidence in banks and the financial system, national governments and European institutions, the ILO report said.
The report says that, by embracing a Eurozone growth strategy with jobs at its core, a recovery is still possible within a single-currency setting.
Source : https://www.marocafrik.com/english/Eurozone-risks-...