Global economy on the verge of a deeper jobs recession

The global economy is on the verge of a new and deeper jobs recession according to the International Labour Organization (ILO).

The grim analysis claims that a new jobs recession will further delay the global economic recovery, and may ignite more social unrest in ‘scores’ of countries.

Commenting, Raymond Torres, director of ILO International Institute for Labour Studies that issued the report, said: “We have reached the moment of truth. We have a brief window of opportunity to avoid a major double-dip in employment.”

The report, titled ‘World of Work Report 2011: Making markets work for jobs’, says that sluggish growth in global economies has begun to have a dramatic impact on labour markets.

The report estimates that on current trends, it will take at least five years to return employment in advanced economies to pre-crisis levels – one year later than last years’ report projected.

The report also features a ‘social unrest’ index, which shows that in more than 45 of the 118 countries examined, the risk of social unrest is rising.

The analysis comes ahead of G20 leaders meeting in Cannes this week, where ‘bold decisions’ are needed to get the global economy back on track, the OECD has claimed.