Global recession could result in 25m job losses

| September 16, 2009 | 0 Comments
”Global

The Organisation for Economic Co-operation and Development (OECD) warned today that in spite of signs of recovery in major economies, the global recession could mean 25 million people will lose their jobs.

The news comes after the Office for National Statistics (ONS) today revealed that unemployment in the UK grew by 210,000 to 2.47 million in the three months to July - the highest level since 1995.

The latest figures take the unemployment rate to 7.9%, up from 7.8%, according to the ONS.

However, while the 25 million is slightly less than an earlier forecast, Paris-based OECD said intervention is required by Governments in order to prevent the sharp rise turning into long-term joblessness.

The organisation added that so far, 15 million jobs have been lost and another 10 million could go by the end of next year.

According to the OECD, the unemployment rate across the 30 most industrialised nations hit 8.5% in July - the highest since the aftermath of the Second World War.

However, the US, Ireland and Spain have been worst affected, due to the property market crash and the banking crisis.

OECD chief, Angel Gurria, said: “Employment is the bottom line of the current crisis. We should not assume that growth will take care of this.”

In a recent report, the OECD said the economies of its members stabilised in the last quarter.

Japan, France and Germany all emerged from recession in the second quarter and it is hoped that the world’s largest economy, the US, and the UK will experience positive growth in the third quarter and exit recession.

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