Unemployment across the OECD is predicted to continue to rise well into 2010 and to fall only modestly in 2011 from its peak of over 9% of the labour force. GDP growth for the OECD zone is projected to be -3.5% in 2009 and +1.9% in 2010. The OECD instructs governments to undertake tough fiscal consolidation measures before 2011, including cuts in public services, “long overdue” reforms of healthcare and pensions and regressive tax reforms.
The key message of the OECD Economic Outlook No. 86 is that the economic recovery now spreading across the OECD “is still too timid to halt the continuing rise in unemployment”. OECD-wide unemployment is predicted to continue to rise well into 2010 and to fall only modestly in 2011 from its peak of over 9% of the labour force. The jobless rate is expected to peak in the first half of 2010 in the US, but for the Euro zone only in 2011 will unemployment finally start to fall.
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This is just scary. With all the economic problems today, and all the prices still hiking up, many people will be in a mess.. :(
Posted by: I Need Money Desperately | May 19, 2010 at 06:48 PM
This doesn't surprise me. Here in the UK they haven't really annonce the public sector cuts yet. Only a matter of time before more job losses.
Posted by: Financial Spread Betting | May 31, 2010 at 07:45 AM