ILO raises 2009 jobless forecast to 239 million

GENEVA: The ILO on Thursday raised its global unemployment forecast, saying that up to a record 239 million people could be jobless this year amid a deteriorating labour market.

"The labour market situation has continued to deteriorate since the start of the financial crisis," Juan Somavia, International Labour Organisation Director-General told reporters in Geneva.

"In March, we estimated that global unemployment would increase in between 24 to 52 million in 2009 as compared to 2007. Our current projection suggest that the range will be between 39 to 59 million," he added.

This means that 220 to 239 million people would be jobless this year.

The more optimistic scenario translates into a global unemployment rate of 6.8, while the higher figure translates into a rate of 7.4 per cent.

The rate also surpasses the 6.5 per cent in global unemployment posted in 2003, the highest level reached since 1991 when the ILO first began keeping records.

In its previous forecast this year, the ILO said up to 230 million people could be unemployed by year-end.