EMPLOYMENT : ILO ISSUES STERN WARNING TO EUROZONE.
Position | International Labour Organisation |
A report by the International Institute for Labour Studies, the research department of the International Labour Organisation (ILO), states that a concerted change of policy is needed to put an end to the serious employment crisis in the eurozone. If nothing is done, unemployment could reach nearly 22 million in the eurozone over the next four years, up from 17.4 million at present, warns the ILO in its report entitled Eurozone job crisis: Trends and policy responses'
"It's not only the eurozone that is in trouble, the entire global economy is at risk of contagion," commented ILO Director-General Juan Somavia.
The consequences of a prolonged labour market recession would be particularly dire in the short term for young jobseekers. Unemployment has risen in more than half the region's 17 countries since 2010, and more than three million young people aged 15 to 24 are jobless today. In the eurozone, more than one third of working-age people are either unemployed or excluded from the labour market and long-term unemployment is on the rise.
Job losses have been particularly acute in Southern Europe, but even Austria, Belgium, Germany, Luxembourg and Malta - the only countries where employment has risen since 2008 - are seeing signs that the labour market situation may no longer be improving.
Job destruction could have been even worse since companies appear to have kept workers in the hope that economic conditions will improve. If their expectations are not confirmed, they may not be able to keep workers, which could lead to significant job losses.
In short, all evidence points to the risk of a prolonged labour market recession, threatening the sustainability of the single currency. At the same time, this jobs...
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