Financial crisis to cost 20 million jobs worldwide
source: http://www.reuters.com/article/topNews/idUSTRE49J4VZ20081020
-
-
- merasyad
- added this
Twenty million jobs will disappear by the end of next year as a result of the impact of the financial crisis on the global economy, a United Nations agency said on Monday.
Construction, real estate, financial services, and the auto sector are most likely to be hit, according to the International Labour Organisation's (ILO) estimate, which is based on International Monetary Fund projections for the world economy.
The toll on jobs could be even higher if IMF economic projections are cut, said ILO Director-General Juan Somavia.
The ILO does not yet have a regional breakdown of projected job losses, which Somavia said would take global unemployment to 210 million in late 2009 from 190 million last year, the first time it has topped 200 million.
But countries with large domestic markets that do not depend heavily on exports would be able to weather the crisis better, he said, citing as an example China, where exports make up only 11 percent of the economy.
Somavia said the financial sector's share in the profits of U.S. companies had risen to 41 percent last year from 5 percent in 1980. As a result, banks preferred to invest in financial transactions rather than lending to other productive sectors.
Construction, real estate, financial services, and the auto sector are most likely to be hit, according to the International Labour Organisation's (ILO) estimate, which is based on International Monetary Fund projections for the world economy.
The toll on jobs could be even higher if IMF economic projections are cut, said ILO Director-General Juan Somavia.
The ILO does not yet have a regional breakdown of projected job losses, which Somavia said would take global unemployment to 210 million in late 2009 from 190 million last year, the first time it has topped 200 million.
But countries with large domestic markets that do not depend heavily on exports would be able to weather the crisis better, he said, citing as an example China, where exports make up only 11 percent of the economy.
Somavia said the financial sector's share in the profits of U.S. companies had risen to 41 percent last year from 5 percent in 1980. As a result, banks preferred to invest in financial transactions rather than lending to other productive sectors.
-
- groups:
- News and Politics, Greatest Depression
-
- tags:
- News and Politics, Economy, Finance, Business, 4 more
-
-
cheller1820
-
As unemployment rises, so will scams, as the Market Oracle warns:
http://current.com/items/89430633_the_market_oracle_warns_mlm_s_and_ponzi_scheme...
- 3 years ago
-
cheller1820
