23 January 2013

Nigeria: Global Unemployment May Increase in 2013 - ILO

The International Labour Organisation (ILO) has said that global unemployment could further increase in 2013 with serious implications for Africa .

This was stated in an ILO's report entitled 'Global Employment Trends 2013.' According to the report, "North Africa remains among the regions with the highest unemployment rates, and with little signs of improvement. The unemployment rate in North Africa gradually declined from a peak of 13.2 per cent in 2000 to 8.9 per cent in 2010, but sharply increased to 10.0 per cent in 2011. In 2012, the unemployment rate was estimated to have increased to 10.3 per cent".

It was also noted that North Africa faces several other labour market challenges beside the lack of employment opportunities.

ILO report affirmed that the level of working poverty at US$ 1.25 a day poverty line is low in the region, saying the working poverty rate at US$ 2 a day level is still high. In 2012, 19.7 per cent of the employed was living with their families below this poverty line.

The report stressed that vulnerable employment in the region is expected to remain high and to recede only gradually starting in 2014 provided that no further risks will weigh on the growth outlook.

"In 2013, economic growth in the region is projected at 4.4 per cent, subject to the downside risks arising from continuous political uncertainty in some economies as well as depressed demand from the nearby Eurozone."

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