Report: World Unemployment To Hit All-Time High in 2013

According to the latest annual employment report from the International Labour Organization (ILO), global unemployment is expected to surpass 200 million people in 2013.

According to the ILO, 202 million people throughout the world are expected to be counted as "unemployed" in 2013. The all-time record currently sits at 198 million - this mark was set in 2009, shortly after the near-collapse of the global economy in the fall of 2008.

Things are projected to get even worse in 2014, when global unemployment is expected to hit 205 million.

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The Global Employment Trends report says that global unemployment has increased by 28 million people since the start of the financial crisis, with half of this increase coming from "advanced economies". The report from the ILO contends that 2011 saw a "tapering off" of the global recovery, while 2012 saw a dip in "both growth and unemployment".

The ILO blames, among other things, "policy incoherence" as one of the reasons why the global job market continues to flounder. The "incoherence between monetary and fiscal policies" has led to confusion and uncertainty, and this has caused many companies to hoard cash instead of expanding capacity and hiring new employees.

Youths have been particularly hard hit since the onset of the global financial crisis, as the ILO estimates that there are nearly 74 million "young people" who are unemployed throughout the world.

Source: ILO.org - Global Employment Trends 2013 (*.pdf)

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