World's jobless to rise amid economic uncertainty, growing inequality – UN labour report
The United Nations International Labour Organization (ILO) released its 2017 World Employment and Social Outlook report, which finds economic growth trends lagging behind employment needs and predicts both rising unemployment and worsening social inequality throughout 2017.
According to the report, global growth domestic product (GDP) growth reached a six-year low last year, well below the rate that was projected in 2015. Forecasters continue to revise their 2017 predictions downwards and uncertainty about the global economy persists, generating worry among experts that the economy will be unable to employ a sufficient number of people and that growth will not lead to inclusive and shared benefits. Global unemployment rate is expected at 5.8% during 2017 and 2018, according to the report.
Throughout 2017, global unemployment is expected to rise by 3.4 million. The increase, while a modest 5.7 to 5.8 per cent, is due to deteriorating labour market conditions in emerging countries – particularly those in Latin America and the Caribbean. However, unemployment is expected to fall in developed countries – especially in Northern, Southern, and Western Europe, the United States, and Canada.
In addition, the figure of 1.4 billion people who are employed in vulnerable working conditions is not expected to decrease. That number represents 42 per cent of all employment for 2017.