ILO projects global economic turbulence could generate five million more unemployed in 2008

Economic turbulence largely due to credit market turmoil and rising oil prices could spur an increase in global unemployment by an estimated 5 million persons in 2008, according to the ILO’s annual Global Employment Trends report (GET). ILO Director-General Juan Somavia, speaking on the eve of the World Economic Forum in Davos, called this year’s global jobs picture “one of contrasts and uncertainty”.

In South East Asia and Pacific over the period 1997 to 2007, the unemployment rate for young people increased by 6.3 percentage points, the highest increase in the world. The situation in 2007 was almost as bad for young men as for young women (page 27). In East Asia increased total employment in 2007 by 7.5 million (0.9 per cent more compared the previous year). East Asia is the lowest youth unemployment in the world due to decreasin trend.

Check the complete report at (PDF, English): Global Employment Trends - 2008