Roundup: Global unemployment to reach more than 200 mln by 2017: report

A report published by the International Labor Organisation (ILO) on Tuesday reveals that global unemployment figures are expected to increase by 1.1 million between 2016 and 2017, passing from 199.4 million by the end of this year to 200.5 million a year later.

Up from 197.1 million in 2015, a year which saw 27 million more jobless people in the world compared to the pre-crisis level of 2007, ILO Director-General Guy Ryder stated that "the significant slowdown in emerging economies coupled with a sharp decline in commodity prices is having a dramatic effect on the world of work."

Providing both a quantitative and qualitative overview of the global labor market, ILO's World Employment Social Outlook -Trends 2016 report also explains that though the trend in vulnerable employment is improving, it is still affecting some 1.5 billion people worldwide.

"The fact of being at work does not necessarily lead to an escape from poverty," Ryder explained, adding that "the lack of decent jobs leads people to turn to informal unemployment, which is typically characterized by low productivity, low pay and no social protection."

Though underlining significant improvements since 2000, the report estimated that 327 million employed people were found to be living in extreme poverty, with a further 967 million living in moderate or near poverty.

In light of these realities, a moderate unemployment rate decrease in developed countries (dropping from 7.1 percent in 2014 to 6.7 percent a year later) did little to offset the worsening situation in emerging economies.

The report found that employment prospects have weakened in emerging and developing economies, notably Brazil and China, as well as in oil-producing countries.

"The unstable economic environment associated with volatile capital flows, still dysfunctional financial markets and the shortage of global demand continue to affect enterprises and deter investment and job creation," Director of the ILO Research Department Raymond Torres explained.

"In addition, policy-makers need to focus more on strengthening employment policies and tackling excessive inequalities," he highlighted, adding that "there is much evidence that well-designed labor market and social policies are essential for boosting economic growth and addressing the jobs crisis."

"Responding urgently and vigorously to the scale of the global jobs challenge is key to successful implementation of the United Nations' newly adopted 2030 Agenda for Sustainable Development," Ryder concluded. Endit