GLOBAL FINANCIAL CRISIS MADE 30 MILLION JOBLESS, REPORT SAYS
Baku, September 3 (AZERTAC). The global financial crisis forced as many as 30 million people out of work since 2007, and economies need ways to generate more “decent” jobs, the International Monetary Fund and International Labour Organization said.
The two institutions will examine “major challenges in creating enough quality jobs to sustain growth and development” at a Sept. 13 conference in Oslo, according to a joint discussion paper released today.
The IMF and ILO are aiming to start a debate because “political, community, business and labor leaders all over the world are asking for answers to the threat of a slow jobless recovery,” the paper said.
“The scars of this distress in labor markets could last for a very long time -- in the case of young workers unable to get their first job, a lifetime,” said the IMF and the ILO, a United Nations agency based in Geneva.
The IMF, focused in the study on the human cost of this recession and based on a review of past recessions, said those who`ve lost jobs since 2007 could suffer a likely persistent loss in earnings, reduce life expectancy and lower academic achievement for their children.
More than 210 million people are unemployed in the world, the IMF said. In the U.S., “the problem is particularly severe,” with 7.5 million more people losing their job in the past three years, the IMF said.
Other news in this section
