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ILO reveals 202 million globally to be unemployed in 2012 | The International Labour Organisation (ILO) has said that global unemployment has risen to 202 million people in 2012, up by six million from last year's figures.
The ILO has warned that austerity measures were hurting job markets worldwide.
The ILO's World of Work Report 2012 has warned of 'devastating consequences' for
employment and added that governments risked fuelling unrest unless they combined
tighter spending with job creation. "The austerity and regulation strategy was
expected to lead to more growth, which is not happening," Raymond Torres, director
of the ILO's Institute for International Labour Studies, said. According to news.com.au,
the report said some 50 million jobs had disappeared since 2008 financial crisis.
The report predicted a global unemployment rate of 6.1 percent in 2012, up three
percent from the provisional estimate of 196 million in 2011. It also predicted
that unemployment would rise to 6.2 percent in 2013 as another five million people
could lose their jobs. The report warned that trends were especially worrying
in Europe , where nearly two-thirds of countries had seen unemployment rise since
2010. "The narrow focus of many eurozone countries on fiscal austerity is deepening
the jobs crisis and could even lead to another recession in Europe ," Torres,
the lead author of the report, said. "This is not surprising given that good jobs
remain scarce and income inequality is rising," Torres said. The ILO blamed austerity
policies for reducing small business' access to loans, and urged governments to
restore credit to small firms, strengthen labour market safety nets and adopt
measures to help young workers and other vulnerable groups.
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