George S. May Business Blog

From the OECD: the world will lose 10 million more jobs

The numbers, as they pertain to the future of the global job market, from the Organization for Economic Co-operation and Development have come in and well, they are pretty disheartening. According to the OECD, the global recession, when it is all said and done, could still cost the world 25 million jobs. Yes, million. The OECD noted that, to date, approximately 15 million people have become unemployed around the globe at the hands of the economic downturn, and we can expect 10 million more to lose their job by the end of 2010. Industrialized nations have been reported to have an unemployment rate of 8.5 percent in July 2009. Spain, US and the Irish republic seem to the worst hit in the OECD records, with the rates of unemployment going as high as 9.7 percent.

The good news, there have been positive signs of recovery in 30 member countries; Japan, Germany and France have all been showing some economic growth in the second quarter.

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