Unemployment could cross 50 mn in '09: ILO

The ILO has forecast that global unemployment could increase by more than five crore this year unless policies are implemented which balance social and economic dimensions.
The global turmoil has also made casual workers four times more vulnerable in the job market than regular workers, it said.
"However, the trend can be reversed if the world acts together and implements policies which balance social and economic dimensions," ILO representative in India Leyla Tegmo Reddys said at a function in New Delhi.
"There should be convergence of policies to maintain and create jobs, get credit flown into enterprises, expand and deepen social protection and promote social dialogue to ensure workers rights are respected," she said quoting the ILO director general.
Reddy said ILO has clearly stated "the current crisis has its root in the past."
The economy was not creating enough descent work and that inequalities within and between countries were widening, she said referring to a study.
"The role of markets were over valued, the role of state was undervalued and dignity of work devalued. In other words there was already a crisis befor the current financial crisis," Reddys said.
"Therefore, ILO has forecast that unless policies are implemented that balance social and economic dimensions, global unemployment could increase by more than 50 million in 2009 from 2007," she said addressing the silver jubilee of Centre for Education and Communication.
India though showed more resilience during these hard times as it was partially integrated into the world market, she obselved.
Nonetheless, the export oriented industry and manufacturing sector saw significant job losses. A reduced demand and limited access to credit has also put pressure on micro and medium enterprises, she said.
According to the Labour Ministry report, the country has witnessed more than five lakh job losses between October and January.