Global Unemployment to Rise by 3.4 m in 2017

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According to new report “World Employment Social Outlook: Trends 2017” by International Labour Organisation, global unemployment is expected to rise by 3.4 million in 2017 despite a likely modest pick-up in economic growth at 3.4 per cent this year and 3.6 per cent in 2018, against a six-year low of 3.1 per cent in 2016.

The report projects a growth in the number of workers in vulnerable forms of employment by 11 million a year.

At present, South Asia and sub-Saharan Africa are the two regions most affected by vulnerable employment.

Noting a rise in its Social Unrest Index that seeks to reflect discontent with the socioeconomic situation in countries, the report said: “Average global social unrest increased between 2015 and 2016. In fact, between 2015 and 2016, eight out of 11 regions experienced increases in the measure of social discontent, most notably in the Arab States.”

The ILO report for India said, the “majority of new employment was created” in 2016.

South Asia had created most of the new employment, with employment expanding by 13.4 million in 2016, underpinned by population-driven labour force growth.

Report projected unemployment levels to rise by 450,000 in 2017 in developing countries, with unemployment rates hovering at around 5.5 per cent in 2017 and 2018, while also pointing out that forecasts for growth for 2017 have “continually been revised downwards.”

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