Unemployment in the euro area could reach almost $ 22 million over the next four years, compared to 17.4 million, unless policies change course in concert, the ILO says in a new report released yesterday. This is an increase of $ 4.5 million in 4 years.
In early 2012, around 31.5 percent of the population of working age in the euro area were unemployed or inactive an increase of 1.5 percentage points since 2007, according to the report. A staggering 44 percent of the unemployed had been unemployed for over a year.
Young people have been most affected in the current crisis. The youth unemployment in the euro area was more than 22 percent. It exceeded 30 percent in Italy, Portugal and Slovakia, and was over 50 percent in Greece and Spain.
"It's not just the euro zone is in trouble, the entire world economy is at risk of infection," said ILO Director-General Juan Somavia.
Unless measures are targeted to increase investment in the real economy, the economic crisis will deepen and employment recovery will not take off. We also need a global consensus on a new path for intensive growth and globalization. This is an important responsibility of leadership of the United Nations, the Bretton Woods and the G-20, "he said.
Unemployment has risen by more than half of the 17 countries in the region since 2010 and more than three million young people aged 15-24 are unemployed. More than a third of people of working age in the euro area are unemployed or outside the labor market and long-term unemployment is rising.
Job losses have been particularly severe in southern Europe, but even Austria, Belgium, Germany, Luxembourg and Malta - the only countries where employment has increased since 2008 - are seeing signs that the labor market situation and can not be improved.
In early 2012, around 31.5 percent of the population of working age in the euro area were unemployed or inactive an increase of 1.5 percentage points since 2007, according to the report. A staggering 44 percent of the unemployed had been unemployed for over a year.
Young people have been most affected in the current crisis. The youth unemployment in the euro area was more than 22 percent. It exceeded 30 percent in Italy, Portugal and Slovakia, and was over 50 percent in Greece and Spain.
"It's not just the euro zone is in trouble, the entire world economy is at risk of infection," said ILO Director-General Juan Somavia.
Unless measures are targeted to increase investment in the real economy, the economic crisis will deepen and employment recovery will not take off. We also need a global consensus on a new path for intensive growth and globalization. This is an important responsibility of leadership of the United Nations, the Bretton Woods and the G-20, "he said.
Unemployment has risen by more than half of the 17 countries in the region since 2010 and more than three million young people aged 15-24 are unemployed. More than a third of people of working age in the euro area are unemployed or outside the labor market and long-term unemployment is rising.
Job losses have been particularly severe in southern Europe, but even Austria, Belgium, Germany, Luxembourg and Malta - the only countries where employment has increased since 2008 - are seeing signs that the labor market situation and can not be improved.
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