Unemployment Will Rise To 3.4 Million Globally, Says ILO

Latest findings of research by International Labor Organization are out which indicates that almost 200 million unemployed people will hit globally. This is actually very much alarming finding.

Unemployment Will Rise To 3.4 Million Globally, Says ILO

In a report this week, the ILO said global unemployment is expected to rise by 3.4 million this year, and by 2.7 million in 2018, because the workforce is growing at a faster pace than jobs are being created. In its report ILO says that this year approximately global unemployment will rose to 3.4 millions in 2017 and by 2.7 million in 2018.

According to the ILO, developing economies particularly in Latin America will see the biggest increases in unemployment in 2017. And while unemployment will likely fall in Europe, the U.S. and Canada, the decline will be slow and uneven.

The ILO also warned that long term unemployment is becoming a big problem in Europe and North America. Nearly half of unemployed people in Europe, and a quarter in the U.S., have been looking for work for more than six months.

International Labor Organization is an agency which brings government employers, workers and representatives together from approximately 187 countries. Moreover an additional report from the same organization ILO says, the number of people working but still experiencing poverty remains high: half of workers in southern Asia and nearly two-thirds of workers in sub-Saharan Africa live in extreme or moderate poverty

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