Unemployment up in the world, including Asia, ILO reports
Singapore (AsiaNews) - The number of jobless people around the world rose by 4 million in 2012 to 197 million. This is expected to grow by 5.1 million this year and a further 3 million in 2014, this according to the International Labour Organisation (ILO), which just released its report, Global Employment Trends 2013
The UN labour agency report noted that 6 per cent of the world's workforce was without a job last year. The worst affected were youth with nearly 13 per cent of those under 24 unemployed.
In cold numbers this means that 28 million people joined the ranks of the unemployed in 2012. In addition, an estimated 39 million people also gave up and withdrew from the labour market.
The crisis in the developed world has had major repercussions in other regions, including Asia where economic growth rates dropped.
Southeast Asia and sub-Saharan Africa have suffered disproportionately from the crisis in Europe.
Advanced economies represent a quarter of lost jobs. The other three quarters are in the rest of the world, especially in the Far East, South Asia and sub-Saharan Africa.
Economic growth in East Asia is down by 1.4 per cent over 2011, mostly due to the Chinese economy whose rate stood at 7.8 per cent, the lowest since 1999.
In South Asia, India's growth rate also dropped to 4.9 per cent, the lowest in a decade. Regional GDP growth also dropped by 1.6 per cent.
Experts note that the immediate future is not much brighter. Structural reforms in developing countries have taken a backseat. Both Asia and sub-Saharan Africa are likely to slip back to pre-crisis levels.
The economies of North Africa and the Middle East will remain among the least dynamic in the world in terms of labour force use.
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09/06/2006
28/02/2020 11:05
