Financial Crisis Could Leave 20 Million Jobless

By Global Research
Global Research, October 21, 2008
AFP 21 October 2008

Url of this article:
https://www.globalresearch.ca/financial-crisis-could-leave-20-million-jobless/10635

GENEVA, October 20.”The financial crisis could leave 20 million more people jobless through the end of 2009, said Juan Somavia, general director of the International Labor Organization (ILO) in a press conference.

According to ILO estimates “the number of unemployed (worldwide) could increase from 190 million in 2007 to 210 million in 2009” and possibly more if the crisis worsens.

“We need rapid and coordinated action from governments to avoid a social crisis that could be very serious, prolonged and worldwide”, he added.

Somavia said the estimates “could turn out to be underestimates if rapid action isnâ€™t taken to counter the current economic slow down and the growing recession.â€?

Unemployment rates of many countries have increased recently: in the United States 159,000 jobs were lost last month and in Spain the number of unemployed rose 3.7 percent in September (95,367) and now include 2,625,368 citizens, reported AFP.

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