Weak economic recovery does not extend to jobs | Division for Inclusive Social Development (DISD)

According to a recent report from the International Labor Organization, the global unemployment in 2013 reached almost 202 million. This proves that the weak global economic recovery has failed to lead to an improvement in global labor markets.

The Global Employment Trends 2014 report said that employment growth remains weak, unemployment continues to rise, especially among young people, and large numbers of discouraged potential workers are still outside the labor market. The report also highlighted the pressing need to integrate young people into the labor force. The global youth unemployment rate climbed over 13 per cent, which translates to 74.5 million unemployed men and women under the age of 25.

According to the report, in many developed countries, harsh reductions in public spending and hikes in income and consumption taxes weigh heavily on private businesses and households which causes labor market to help back. Also, a lack of policy coordination between monetary and fiscal policies has significantly increased labor market uncertainty, with employers often reluctant to hire or make long-term investments.

The report concludes that an immediate shift to more “employment-friendly” policies is what could actually boost economic growth and consequently, job creation.

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