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Jobless figures to skyrocket

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This year, a record of 202 million people are expected to be unemployed globally, with figures anticipated to rise in 2014.

The number of those officially unemployed shot up by four million to 197 million last year, and is expected to continue rising in 2013, resulting in 28 million more people unemployed now than pre-GFC in 2007, AFP reported.

According to a report by the International Labour Organisation (ILO), the last unemployment record was set in 2009 when 199 million people were reported jobless.

ILO chief Guy Ryder said there has been a “noticeable worsening of the unemployment situation around the world”, with the report adding the downward trend was a result of disparities between monetary and fiscal policies, and “a piecemeal approach” to problems.

The outlook is expected to remain gloomy, with ILO predicting another 500,000 people to become unemployed by 2014.

“Weakened by faltering aggregate demand, the labour market has been further hit by fiscal austerity programmes in a number of countries, which often involved direct cutbacks in employment and wages,” ILO said.

Younger people – those aged between 15 and 24 – currently make up 73.8 million of the unemployed population, and are expected to make up 12.9% of the jobless figures by 2017.

More than a third of unemployed young people have been out of a job for six months or more – an increase from 28.5% in 2007.

“The crisis has dramatically diminished the labour market prospects for young people, as many experience long-term unemployment right from the start of their labour market entry,” ILO reported.

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