Global Unemployment Rate to Increase in 2017Global Unemployment Rate to Increase in 2017

Global Unemployment Rate to Increase in 2017

Economic growth trends are trailing behind employment needs. Rising unemployment rate and worsening social inequality will be throughout 2017 - International Labour Organisation (ILO)

Nigeria’s $1 billion Eurobond oversubscribed by 700%
Firm plans to invest N20b in organic farming in Nigeria
April Recap – Nigerian Fintech, Lidya raises $1.25 million in seed funding

Global Unemployment Rate to Increase in 2017

Economic growth trends are trailing behind employment needs. Rising unemployment rate and worsening social inequality will be throughout 2017 – International Labour Organisation (ILO)

ILO Director-General, Guy Ryder said this when he released the 2017 World Employment and Social Outlook report.

According to the report, global growth domestic product (GGDP) reached a six-year low in 2016 much below the rate in the 2015 predictions.

“We are facing the twin challenge of repairing the damage caused by the global economic and social crisis and creating quality jobs for the tens of millions of new labour market entrants every year.”

 

Forecasters keep revising their 2017 predictions lower in the midst of uncertainty about the global economy.

 

The circumstance is generating concern among experts that the economy would not be able to employ enough number of people and that growth would exclusive and benefits not mutually shared, it said.

 

  • Throughout 2017, global unemployment is expected to rise by 3.4 million.
  • The marginal increase, of a modest 5.7 to 5.8 per cent, is due to deteriorating labour market conditions in emerging countries like in Latin America and the Caribbean.
  • Unemployment is expected to fall in developed countries, especially in Northern, Southern, and Western Europe, the U.S., and Canada.
  • 4 billion people employed in vulnerable working conditions is not expected to decrease.
  • This is 42 per cent of all employment for 2017.
  • Economic growth continues to disappoint and underperform, both in terms of levels and the degree of inclusion.
  • Persistent high levels of vulnerable forms of employment combined with clear lack of progress in job quality, even in countries where aggregate figures are improving, are alarming.
  • Emerging countries in Southern Asia and sub-Saharan Africa face the greatest risk.
  • . The number of people living in poverty has been declining in recent years but rates of progress have slowed and are expected to continue to do so in 2017.
  • In developing countries, the rate of poverty is actually increasing.
  • Since 2009, the percentage of the working-age population willing to migrate abroad for work has risen in almost every region in the world.
  • That trend was most prominent in Latin America, the Caribbean, and Arab States.

 

“Almost one in two workers in emerging countries is in vulnerable forms of employment, rising to more than four in five workers in developing countries” – Steven Tobin, ILO Senior Economist

 

Social Inequalities aid Unemployment Rate and hinders Growth and Prosperity

  • Gender gaps are particularly affecting the labour market.
  • Women in the labour force are twice as likely as men to be unemployed in North Africa
  • Women in Arab States are more than twice as likely as men to be unemployed

 

As a result of these and other social inequalities across a wide range of demographics, the ILO estimates that the risk of social unrest or discontent is growing in almost all regions.

 

Solutions to World’s Unemployment rate in 2017

“Boosting economic growth in an equitable and inclusive manner requires a multi-faceted policy approach that addresses the underlying causes of secular stagnation, like income inequality, while taking into account country specificities” – Steven Tobin, ILO Senior Economist

  • Policy approaches that address root causes of stagnation as well as structural impediments to growth.
  • Progress is only possible through international cooperation.
  • Coordinated effort to provide fiscal stimuli and public investments would go a long way to jump start the global economy and eliminate an anticipated rise in unemployment for two million people
Digiprove sealCopyright secured by Digiprove © 2017 Roti Adedokun

Facebooktwittergoogle_pluslinkedinrssyoutube

COMMENTS

WORDPRESS: 0
DISQUS: 0
%d bloggers like this: