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Global Unemployment Hits 200 Million Mark

 

Faizel Patel, Radio Islam News – 10-10-2017

The United Nation Labour Agency says more than 200 million people are out of work around the world – an increase of 3.4 million since last year.

The International Labour Organization (ILO) warns that small and medium sized enterprises has “stagnated,” the impact of which is worst in developing economies, where more than one in two workers are employed in small and medium-sized firms.

According to the report, private sector enterprises accounted for the bulk of global employment in 2016; they employed 2.8 billion individuals, representing 87 per cent of total employment.

The sector, which also covers medium-sized firms, accounts for up to 70 per cent of all jobs in some Arab States, and well over 50 per cent in parts of sub-Saharan Africa.

Deborah Greenfield, ILO Deputy Director-General for Policy says to reverse the trend of employment stagnation better policies are needed to promote SMEs and a better business environment for all firms, including access to finance for the younger ones.

“What we see is a lack of investment. Firms are not investing in workers. Productivity is slowing down, so generally sluggish growth translates to escalating unemployment.”

 

Twitter: @FaizelPatel143

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