Sharp Rise in Unemployment from Global Recession

  • Conference to address jump in unemployment, long-term effects
  • More than 440 million new jobs needed over next 10 years
  • In near term, fiscal and monetary policies should support recovery and job creation

The global financial crisis has sharply increased unemployment across the world to more than 210 million people, an increase of over 30 million since 2007, hitting advanced economies especially hard and having long-term social repercussions, including on health and the children of those laid off, the IMF says.

The International Monetary Fund and the International Labour Organization (ILO) issued the stark assessment of the outlook for employment in the wake of the global financial crisis, saying that the world faces major challenges in creating enough quality jobs to sustain growth and development. Read More