The International Labour Organization (ILO) released its “World of Work Report 2011” in which the organization predicts a growing global jobs recession and more social unrest.
According to information in the report, slow economic recovery has had a dramatic impact on labor markets, and current trends indicate that it will take at least five years to bring global employment levels to where they were before the financial crisis.
Of the 80 million jobs that the report says would need to be created in two years to bring global employment back to pre-crises levels, only half will become a reality.
The report blames the stifled global job growth on three issues: companies weakened by the recession, lack of international policy coordination to facilitate economic recovery and the unwillingness of many companies to take risky expansion measures in the current economy.
One result of the extremely slow economic recovery, the study says, will be increases in instances of worldwide social unrest because of the lack of jobs and anger over perceptions that the burden of the crisis is not being shared fairly.