Global unemployment rose in 2012 amid continuing economic insecurity and insufficient policies stifling overall hiring, a new report by the United Nations labour agency has warned, adding that the world’s youth were most vulnerable to the growing job scarcity.
In its annual Global Employment Trends report, released today, the International Labour Organization (ILO) notes that despite the positive trend of falling unemployment over the past two years, the number of unemployed worldwide rose by 4.2 million in 2012 with gloomy expectations of a further increase in 2013.
“An uncertain economic outlook, and the inadequacy of policy to counter this, has weakened aggregate demand, holding back investment and hiring,” Guy Ryder, the ILO Director-General, announced in a news release accompanying the report.
“This has prolonged the labour market slump in many countries, lowering job creation and increasing unemployment duration even in some countries that previously had low unemployment and dynamic labour markets,” he added.
In particular, the report singles out the impact of the global unemployment crisis – already afflicting over 197 million people worldwide – on the world’s youth, who risk losing vital professional and social skills as the length of their joblessness continues to grow.