11 million people to lose their jobs by 2013

The International Labor Organization (ILO) predicted that around 11 million people worldwide will lose their jobs by 2013.         

According to the organization’s annual report on the situation of employment in the world, the employment recovery, especially in Europe, is not expected before the end of 2016 unless the world goes through drastic policy changes.       

The director of the International Institute for Labor Studies Raymond Torres said the report shows that austerity measures and wrong reforms in the labor market are the main reasons behind the current decline of Europe that is spreading gradually to other regions of the world. Torres mentioned the efforts exerted by governments all around the world to reduce their spending did not promote growth in the private sector.      

The ILO’s report stresses that the high unemployment rates are exacerbating poverty in the world, adding that the countries of the Middle East, North Africa and Sub-Saharan Africa are facing growing threats of social unrest caused by unemployment.