News / Economy

OECD Foresees High Joblessness Through 2014

Youths protest during a rally organized by the opposition Social Democratic Party (SPD) and labour unions outside  the venue of an EU summit on youth unemployment in Berlin, Germany, July 3, 2013.
Youths protest during a rally organized by the opposition Social Democratic Party (SPD) and labour unions outside the venue of an EU summit on youth unemployment in Berlin, Germany, July 3, 2013.
Lisa Bryant
The Paris-based Organization for Economic Cooperation and Development says joblessness will remain high in European and other developed nations next year, stalling economic recovery and job prospects among the youth.

Given this year's spate of grim economic news, the latest OECD report may not come as a big surprise. Overall, it predicts unemployment will fall only slightly in 2014 among the OECD's 34 members, leaving about 48 million people out of work.

OECD, joblessness projection for 2014OECD, joblessness projection for 2014
x
OECD, joblessness projection for 2014
OECD, joblessness projection for 2014
At a call-in press conference from Paris, OECD Secretary-General Angel Gurria described the jobless situation as a crisis - particularly for young people in countries like Italy, Spain and Greece, where half or more are out of work.

"It's mind-boggling. It's just enormous. In some emerging market economies unemployment is also high; for example, South Africa, more than 50 percent," said Gurria. "In other countries, high informality in the labor market also condemns many youngsters to precarious jobs with little social protection."

People on insecure, short-term contracts will also face hard times next year.

But the jobs outlook is not uniformly bleak. While the OECD's overall unemployment is expected to fall only slightly in 2014 - from 8 percent to 7.8 percent - the United States and Germany will see sharper drops.

"Joblessness has actually fallen, albeit gradually, in countries like the United States, countries like Mexico, Japan. And within countries, too, there's been a considerable divergence in employment trends among different group," said Gurria.

For example, elder workers have fared much better during the economic crisis than younger ones have. And Gurria says labor market and other reforms adopted by some of the hardest-hit European countries like Italy, Portugal and Spain are going in the right direction, even though it will take time for them to pay off.

"The countries that had the biggest problems are the countries that are doing better in terms of these adjustments, who are regaining their competitiveness and their productivity," Gurria added.

Paradoxically, spending to help jobseekers has also dropped during the crisis, which Gurria says is a mistake.

You May Like

Ebola Death Toll Nears 5,000 as Virus Advances

West Africa bears heaviest burden; Mali toddler’s death raises new fears More

Jordan’s Battle With Islamic State Militants Carries Domestic Risks

Despite Western concerns that IS militants are preparing a Jordanian offensive, analysts call the kingdom's solid intel a strong deterrent More

Asian-Americans Assume Office in Record Numbers

Steadily deepening engagement in local politics pays off for politicians like Chinese-American Judy Chu More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Talks to Resume on Winter Gas for Ukrainei
X
Al Pessin
October 25, 2014 4:21 PM
Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Talks to Resume on Winter Gas for Ukraine

Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Smugglers Offer Cheap Passage From Turkey to Syria

Smugglers in Turkey offer a relatively cheap passage across the border into Syria. Ankara has stepped up efforts to stem the flow of foreign fighters who want to join Islamic State militants fighting for control of the Syrian border city of Kobani. But porous borders and border guards who can be bribed make illegal border crossings quite easy. Zlatica Hoke has more.
Video

Video Comanche Chief Quanah Parker’s Century-Old House Falling Apart

One of the most fascinating people in U.S. history was Quanah Parker, the last chief of the American Indian tribe, the Comanche. He was the son of a Comanche warrior and a white woman who had been captured by the Indians. Parker was a fierce warrior until 1875 when he led his people to Fort Sill, Oklahoma, and took on a new, peaceful life. As VOA’s Greg Flakus reports from Cache, Oklahoma, Quanah’s image remains strong among his people, but part of his heritage is in danger of disappearing.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.
Video

Video US ‘Death Cafes’ Put Focus on the Finale

In contemporary America, death usually is a topic to be avoided. But the growing “death café” movement encourages people to discuss their fears and desires about their final moments. VOA’s Jerome Socolovsky reports.
Video

Video Ebola Orphanage Opens in Sierra Leone

Sierra Leone's first Ebola orphanage has opened in the Kailahun district. Hundreds of children orphaned since the beginning of the Ebola outbreak face stigma and rejection with nobody to care for them. Adam Bailes reports for VOA about a new interim care center that's aimed at helping the growing number of children affected by Ebola.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7893
JPY
USD
107.68
GBP
USD
0.6238
CAD
USD
1.1214
INR
USD
61.185

Rates may not be current.