Brussels, le 11/07/2012 (Agence Europe) - On Wednesday 11 July, the International Labour Organisation (ILO) published a study which warns against possible job losses, “unless policies change course in a concerted manner” in eurozone countries. The ILO provides a gloomy forecast: over the next four years, 4.5 million jobs will be threatened in the eurozone alone, which will bring the number of unemployed to 22 million in countries using the single currency. Juan Somavia, the director-general of the ILO warned that “it's not only the eurozone that's in trouble, the entire global economy is at risk of contagion”.
Tough times for young jobseekers. Young people have been the first to suffer from this spike in unemployment. Currently, within the 17 eurozone countries, more than 3 million Europeans aged between 15 and 24 are now without work, representing around a third of the working population.
No country will be spared. Even though unemployment is hitting southern European countries particularly hard, countries where job prospects have improved since 2008 will also have their share of difficulties (Germany, Austria, Belgium, Luxembourg and Malta).
Targeted measures. The ILO is advocating a growth strategy focusing on employment in the eurozone to be set up. Somavia said that “unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off”. The report also warns that the very sustainability of the single currency is in danger. The ILO welcomed declarations made by euro zone leaders last June but said that “these statements need to be followed by concrete policy action”. (EL/transl/fl)