Global unemployment to reach 50 million in 2009?

Organization for Economic Cooperation and Development (OECD) forecasts the global economic crisis will have an even more severe impact on jobs. 

The new projections to be issued by the organization predict unemployment rate to increase in most OECD countries by double digit figures. The release on Sunday revealed the organization expected the unemployment rate in the OECD area in the three years to 2010 to increase by more than it had rose in 10 years to the early 1980s, including two oil shocks.

However, the release still leaves room for some hope stating if “tensions in financial markets dissipate toward the end of 2009, monetary and fiscal policies continue to be supportive and … growth …pick[s] up in the non-OECD area” “a rather muted recovery" could be expected in the first half of 2010.

In a separate document prepared for the Rome G8 "social summit" the International Labor Organization warned global unemployment could raise by 50 million in 2009 comparing to 11 million in 2008. John Evans, the leader of the trade unions in the OECD bloc, urged workers' organizations to have a formal representation at the London G20. He also noted that because workers are paying for the crisis the anger might rise “unless we get clear answers.”

The 30 nations which fund the OECD include the United States, Japan and the rich industrialized nations of Europe, and G8 consists of the United States, Japan, Germany, Britain, France, Italy, Canada and Russia.