Publication Date

1-2008

Abstract

[Excerpt] Economic turbulence largely due to credit market turmoil and rising oil prices could spur an increase in global unemployment by an estimated 5 million persons in 2008. This is one of the main findings in the GET report 2008. This new projection for 2008 is in contrast to 2007, a watershed year in which sound global GDP growth--of more than 5 percent--, led to a "stabilization" of global labour markets with more people in work, a net increase of 45 million new jobs and only a slight increase in the number of people unemployed, to a total of 189.9 million persons worldwide. Other key findings of the GET Report are that despite growth in the economy and jobs, the worldwide deficit in decent jobs—especially for the poor—is "massive". The Report says that five out of 10 people in the world are in vulnerable employment, either contributing family workers or own-account workers with a higher risk of being unprotected. Also, an estimated 487 million workers—or 16.4 percent of all workers — still don’t earn enough to lift themselves and their families above the US$1 per person, per day poverty line while 1.3 billion workers – 43.5 percent – still live below the US$2 per day threshold.

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