The study analyses the global employment situation five years after the start of the global financial crisis. It looks at labour market performance and projections both at the global and regional levels.
The labour market and income situation is uneven but can be improved by consolidating the rebalancing process in emerging countries and finding the right balance between employment and macroeconomic goals in advanced economies. Progress towards reducing economic and social inequalities would pave the way for a lasting recovery.
In the aftermath of the global financial crisis which erupted in 2008, some advanced economies have managed to recover some of the jobs lost. This is particularly the case in Australia, Canada, New Zealand and the Republic of Korea. More recently, encouraging signs of recovery have also been observed in the United States and in Japan. Europe, by contrast, is still confronted with significant challenges and in many respects its labour market and social outlook continues to deteriorate. On the present course, global unemployment is expected to approach 208 million in 2015, up from 200 million today.
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