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Global Unemployment Rising

Global Unemployment RisingGlobal Unemployment Rising

Falling commodities prices and slowing economic growth in emerging economies will leave more jobless in 2016, according to an eye-opening report from the International Labor Organization.

Global unemployment is set to rise in 2016, according to a report from the ILO released on Tuesday, DW reported.

This year, the number of unemployed is expected to swell by an additional 2.3 million people, bringing the overall figure close to 200 million.

ILO general director Guy Ryder said the slowdown within emerging economies, as well as falling commodities prices, both had a “dramatic” effect on the global labor market.

Employment opportunities in Brazil, China and oil exporting countries have especially taken a hit, with many workers having to take on odd jobs as a result.

But Ryder cautioned developed countries against feeling immune from this trend, and said that there were still too many people without jobs in the European Union and the United States, despite decreasing unemployment figures in those countries.

He called for measures to create fair and dignified jobs, to keep “social tension and unrest” at bay.

Meanwhile, stable economic growth in Germany has also had a positive effect on employment in the country. At 4.6%, the jobless rate is at the lowest it has ever been since German reunification. The introduction of €8.50 ($9.30) minimum wage a year ago also helped reduce unemployment.

However, the ILO was quick to point out that many workers in the eurozone’s largest economy are only employed on a part-time basis.

Germany’s labor force is also expanding as refugees from conflict zones arrive in the country by the thousands. But many still have insufficient language skills or professional training. As such, unemployment in Germany is expected to rise slightly in 2017 to 4.7%.

Financialtribune.com