Topping Ten in Twenty-Ten, World Wide
Financial Times:
OECD predicts 10% jobless rate for 2010
One in 10 workers in advanced economies will be without a job next year, “practically with no exceptions”, the head of the Organisation for Economic Co-operation and Development said on Monday.
In a graphic indication of the global recession’s transmission from the financial sector to the rest of the economy, Angel Gurría warned that the ranks of the unemployed in the 30 advanced OECD countries would swell “by about 25m people, by far the largest and most rapid increase in OECD unemployment in the postwar period”.
He said the misery of joblessness - what Mr Gurría described as “rapidly turning into a jobs and social crisis” - would come as the OECD expected advanced economies to contract by 4.3 per cent in 2009 with little or no growth expected in 2010. The forecast is significantly worse than the International Monetary Fund’s most recent estimate of a 3-3.5 per cent contraction for 2009...
OECD predicts 10% jobless rate for 2010
One in 10 workers in advanced economies will be without a job next year, “practically with no exceptions”, the head of the Organisation for Economic Co-operation and Development said on Monday.
In a graphic indication of the global recession’s transmission from the financial sector to the rest of the economy, Angel Gurría warned that the ranks of the unemployed in the 30 advanced OECD countries would swell “by about 25m people, by far the largest and most rapid increase in OECD unemployment in the postwar period”.
He said the misery of joblessness - what Mr Gurría described as “rapidly turning into a jobs and social crisis” - would come as the OECD expected advanced economies to contract by 4.3 per cent in 2009 with little or no growth expected in 2010. The forecast is significantly worse than the International Monetary Fund’s most recent estimate of a 3-3.5 per cent contraction for 2009...