In a worring trend, unemployment numbers continue to soar even five years after the global financial crisis, with a record 20.2 crores to be jobless this year, says the International Labour Organisation.
The year 2012 saw a clear resurgence of the crisis, with the jobless numbers rising to 19.7 crores in 2012. Another 51 lakh people are expected to join their ranks this year, making the total 20.2 crore plus. That number may rise by 30 lakh in 2014 and should hit 21.06 crore by 2017, implying a noticeable worsening of the unemployment situation globally.
Last year, the global youth unemployment rate was 12.6 %, which is expected to be 12.9 % by 2017. The crisis has dramatically decreased the prospects for young people as many face long-term unemployment from the start of their entry. Today, around 35 % young people surviving on official dole in advanced economies have been jobless for 6 months or more, up from just 28.5 %.