Book Description

In this repport the Director-General's discusses his main concerns about the current global crisis and what should be done about it. Millions of men & women have lost their jobs; business bankruptcies continue to grow exponentially; unemployment is expected to continue to rise probably until 2011; meanwhile 45 million people will enter the labour market in 2009 and following years looking for their first job. The IMF forecasts some recovery in global growth but this is conditional on the success of stimulus packages. Evidence of past crises indicates that, even after economic growth returns, employment only recovers to pre-crisis level with a lag of four to five years. And there was already a significant work deficit before the crisis. Knock on effects such as the increase in demand for social protection when jobs are not available can also be seen. Ultimately, on a broader level, prolonged crises carry major risks for social and political stability