The ILO’s International Institute for Labour Studies has just published the report “EuroZone job crisis: trends and policy responses”. According to the study a concerted policy shift towards job creation is needed in order to reverse the heavy unemployment crisis affecting the single-currency area.
Unemployment in the Eurozone could reach almost 22 million over the next four years, up from 17.4 million, unless policies change course in a concerted manner.
The consequences of a lengthier labour market recession would be particularly dire in the short term for young jobseekers.
Unemployment has risen in more than half of the region’s 17 countries since 2010 and over three million youth aged 15-24 are unemployed. More than one third of working-age people in the Eurozone are either unemployed or excluded from the labour market, and long-term unemployment is on the rise.
The report is available here.