The eurozone could lose 4.5 million more jobs in the next four years unless the region shifts away from austerity, the International Labour Organization (ILO) has warned.
That rise would take unemployment in the 17-nation bloc to 22 million.
The ILO said a concerted policy shift away from austerity towards job creation was needed.
"It's not only the eurozone that's in trouble, the entire global economy is at risk of contagion," it said.
The report said that all 17 countries in the eurozone would suffer, both those currently under stress and their healthier counterparts.
"Unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off," said ILO director-general Juan Somavia.
The report added that the consequences of a longer period of austerity would be particularly severe for young people.
It said that unemployment had not been as bad so far in the downturn as it might have been because some companies were hanging onto staff in the hope of an imminent recovery.
BBC
No comments:
Post a Comment