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ILO: Financial Crisis Will Cost 20 Million Jobs by Next Year

The International Labor Organization says the world financial crisis could lead to record global unemployment with 20 million more people out of work by the end of next year.

The ILO warned Monday that global unemployment could rise to 210 million by late 2009. This would be the first time in history that the number of jobless people around the world rose above 200 million.

ILO Director-General Juan Somavia urged governments to take prompt and coordinated actions to avoid a social crisis.

He said world leaders need to focus on how the financial crisis is hurting people, not just financial institutions.

The Geneva-based U.N. agency says people working in the construction, real estate and auto industrieswill be hardest hit.

Some information for this report was provided by AFP, AP and Reuters.