Millions of Jobs Wiped Out by Economic Crisis

According to the International Labour Organisation (ILO), 30 million more people around the world are now unemployed compared to the onset of the global economic crisis in 2008. Another 40 million people are no longer available in the employment market since the affected individuals have given up hope of a regular job.

Based on this information Guy Ryder, the new Director General of ILO, asked the governments of the G20 nations at the annual convention of the International Monetary Fund (IMF) and the World Bank in Tokyo to live up to the promise they made at the G20 Summit in Mexico and take steps against further worsening of the economic situation: "It has become sufficiently clear in the meantime that such a downturn is in ongoing."

Ryder recommended that the governments should reduce debt more slowly and lower prime interest rates. The Director General of the ILO also shared the opinion in Tokyo that was advanced by the IMF in its latest economic outlook. Many governments responded to the crisis with cuts but underestimated the negative impact. On the other hand, the benefits of economic packages have proven two to three times more pronounced than originally expected after the onset of the crisis.

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