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50 million job losses projected worldwide for 2009 - ILO

by mtammas | February 15, 2009 at 12:26 am

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Massive job losses around the world will mark the end of the first decade of the 21st century, with the United Nations' International Labour Organization (ILO) projecting 50 million by the end of 2009.

Worldwide job losses from the recession that started in the United States in December 2007 could hit a staggering 50 million by the end of 2009, according to the International Labor Organization, a United Nations agency. The slowdown has already claimed 3.6 million American jobs.

High unemployment rates, especially among young workers, have led to protests in countries as varied as Latvia, Chile, Greece, Bulgaria and Iceland and contributed to strikes in Britain and France.

As the global financial crisis deepens and unemployment increases, some worry that free-market policies will be abandoned and protectionist measures inplemented.

In emerging economies like those in Eastern Europe, there are fears that growing joblessness might encourage a move away from free-market, pro-Western policies, while in developed countries unemployment could bolster efforts to protect local industries at the expense of global trade.

Indeed, some European stimulus packages, as well as one passed Friday in the United States, include protections for domestic companies, increasing the likelihood of protectionist trade battles.

Protectionist measures were an intense matter of discussion as finance ministers from the Group of 7 economies met this weekend in Rome.

Since the American financial sector began to implode rapidly last fall, governments the world over have failed to kickstart their own faltering economies or staunch massive job losses despite billion-dollar bailouts to banks and major industries.

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Paschen

at 01:37 on February 15th, 2009

That would be 40% more the the whole population of Canada. To many jobs have been lost and are still being lost.

Rob Walker

at 06:51 on February 15th, 2009

Wow, that is a lot of jobs lost!

Babel-Fish

at 00:13 on February 16th, 2009

Wow that's a lot of hype, how can a projection be made at a time we can not assess the true damage of hype. I like the use of decade we are talking about the end of 2010.

Some clever number cruncher has looked at job loss report up to now. (Ops sorry not every nation of the world has released them yet}

Oh its the 2 million a month scenario.

Look I truthfully wish that organization would not use number snatching from the air when addressing the world that just getting over the effects of a media hyped problem.

What I would suggest is that the UN has does not employ crystal glass gazers but perhaps they do.

Someone got a pat on the back and a well done for being clever without any body asking if a dice was thrown or coin spinning was involved to get the best dismal projection possible.

I think its best to wait for the first quarter figures to be released. The world can not make a true assessment of the problem until then. The second quarter will confirm if the bailout solution is working.