Unemployment will continue to rise in the coming years, as the global economy has entered a new period combining slower growth, widening inequalities and turbulence, warns a new ILO report. By 2019, more than 212 million people will be out of work, up from the current 201 million, according to the World Employment and Social Outlook Trends 2015 (WESO).
"More than 61 million jobs have been lost since the start of the global crisis in 2008 and our projections show that unemployment will continue to rise until the end of the decade. This means the jobs crisis is far from over so there is no place for complacency," ILO Director-General Guy Ryder said.
The employment situation has improved in the United States and Japan, but remains difficult in a number of advanced economies, particularly in Europe.
Two regions, South Asia and Sub-Saharan Africa, accounted for three quarters of the world's vulnerable employment. East Asia is among the regions that are likely to make the biggest dent in vulnerable employment, which is expected to be reduced in the region from 50.2 per cent in 2007 to 38.9 per cent in 2019.
The employment situation has not improved much in Sub-Saharan Africa, despite better economic growth performance. And in the Arab region and parts of Latin America and the Caribbean the employment outlook has deteriorated.
The steep decline in oil and gas prices, if sustained, may improve the employment outlook somewhat in many advanced economies and several Asian countries according to some forecasts. By contrast, it will hit labour markets hard in major oil and gas producing countries, notably in Latin America, Africa and the Arab region.
Young workers aged 15-24 are particularly hit by the crisis, with a global youth unemployment rate of almost 13 per cent in 2014 and a further increase expected in coming years. By contrast, older workers have fared relatively well since the start of the global financial crisis in 2008.