Global unemployment to reach new record high in 2013

Nathan Andrada – Fourth Estate Cooperative Contributor

Geneva, Switzerland (4E) – Global unemployment for 2013 could reach record levels and is expected to rise until 2017, according to the International Labour Organization (ILO) annual employment report released on Tuesday.

The number of unemployed people all over the world is set to increase to a new high with more than 200 million expected to be out of work this year, according to the ILO.

In its 2013 Global Employment Trends report, 4.2 million people were added to the unemployed last year increasing the total number of jobless people to 197 million.

This year, the ILO forecasts 5.1 million will be out of work pushing the total to 202 million, which will beat the previous record for world unemployment in 2009 when 198 million people worldwide were without work.

The report also showed that youth unemployment now stands at 12.6 per cent with 74 million people with ages 15-24 are unemployed. One particular concern in developing countries is the major increase in the average duration of the unemployment with one year or longer.

Discouraged by the slow labor market, 39 million people across the globe have given up looking for work, and about 28 million have been unemployed since the onset of the financial crisis in 2008, according to the ILO report.

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