INTERNATIONAL Eurozone: Austerity threatens 4.5m jobs
11 July 2012
Unless employment and wider economic policies are significantly changed, the Eurozone could lose a further 4.5m jobs over the next four years, according to a new report from the International Labour Organization (ILO).
Wed, 11 Jul 2012
Unless employment and wider economic policies are significantly changed, the Eurozone could lose a further 4.5m jobs over the next four years, according to a new report from the International Labour Organization (ILO).
The ILO gives three recommendations: repairing the financial system conditional on resuming credit to small firms, promoting investment and supporting jobseekers, especially young workers, and addressing differences in competitiveness between Eurozone countries.
The document, ‘Eurozone job crisis: trends and policy responses’, warns that both the economies currently under stress and their healthier counterparts, as well as countries outside of the area, are under threat.
The only Eurozone economies in which employment has risen since 2008 – Austria, Belgium, Germany, Luxembourg and Malta – are seeing signs that their labour markets may no longer be improving, it notes.
ILO director-general Juan Somavia says: “Unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off. We also need a global consensus on a new path for job-intensive growth and globalisation.”
In April, recruiter.co.uk reported ILO's research finding that there were six “advanced economies” in which employment rates have increased since 2007: Austria, Germany, Israel, Luxembourg, Malta and Poland.
For more on the recruitment market in Germany, see Global Spotlight in the July edition of Recruiter, out this week.
Unless employment and wider economic policies are significantly changed, the Eurozone could lose a further 4.5m jobs over the next four years, according to a new report from the International Labour Organization (ILO).
The ILO gives three recommendations: repairing the financial system conditional on resuming credit to small firms, promoting investment and supporting jobseekers, especially young workers, and addressing differences in competitiveness between Eurozone countries.
The document, ‘Eurozone job crisis: trends and policy responses’, warns that both the economies currently under stress and their healthier counterparts, as well as countries outside of the area, are under threat.
The only Eurozone economies in which employment has risen since 2008 – Austria, Belgium, Germany, Luxembourg and Malta – are seeing signs that their labour markets may no longer be improving, it notes.
ILO director-general Juan Somavia says: “Unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off. We also need a global consensus on a new path for job-intensive growth and globalisation.”
In April, recruiter.co.uk reported ILO's research finding that there were six “advanced economies” in which employment rates have increased since 2007: Austria, Germany, Israel, Luxembourg, Malta and Poland.
For more on the recruitment market in Germany, see Global Spotlight in the July edition of Recruiter, out this week.
