Global employment situation alarming: ILO
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The International Labour Organisation (ILO) today warned that the global employment situation is alarming and unlikely to improve soon. The agency said that austerity measures, especially in advanced economies, were hurting job creation.
In a report, the ILO said the situation was likely to get worse amid slowing global growth and more people entering the workforce. It said, high unemployment has been a concern in the US and other major economies and has hurt the global economic recovery.
The ILO warned that unless there was a change in policy direction, the job market would remain subdued until the end of 2016 and economic growth in the region may slow further.
However, the agency said that employment rates in developing economies had recovered much faster and had surpassed pre-financial crisis levels.
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