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U.N. Says Global Employment Needs 5 Years to Rebound
Published in Saudi Press Agency on 01 - 10 - 2010

It will take five more years before employment around the world rebounds to the point it was before the financial crisis, two years longer than previously predicted, the International Labor Organization said in its annual jobs report.
To get back to the level of employment in 2007, the global economy needs to create nearly 23 million jobs, including more than 14 million in developed countries, the report said.
"The root causes of the crisis have not been properly tackled," said Raymond Torres, an economist and the lead author of the report.
Now that the effects of public stimulus packages around the globe are fading, fiscal policies are not sufficiently focused on job growth, which helps explain the likely delay in improving employment, the report said.
Without such changes, there will probably be an increase in social unrest, especially in countries where unemployment remains high. About 25 countries have already experienced strife linked to the economic crisis, according to the report.
"We don't need the poll data to see more social unrest," Mr. Torres said. "You can see the strikes here in Europe, while in China and other Asian countries you can see social discontent."
Some countries have encouraging signs of jobs recovery, particularly in Asia and Latin America, but in the United States the duration of unemployment has lengthened. One reason the American unemployment rate dropped to 9.6 percent in August from 10.1 percent in the previous October is that 1.2 million people unable to find jobs stopped looking for work, the report said, so they are no longer counted.
To increase employment, governments need to focus on measures like training, raise the spending power of those with jobs in emerging economies through wage increases and enact far-reaching financial reform, according to the labor organization, a United Nations agency.
Economists generally endorsed the findings of the report, but they noted that if any of the recommendations were simple to achieve, they would have been put in place long ago.


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