Up to 25m people in high-income countries will have lost their jobs by the end of next year as the recession pushes the unemployment rate towards a record 10 per cent, the Organisation for Economic Co-operation and Development forecast yesterday.
The Paris-based OECD said that, while recent signs of economic recovery might mean unemployment peaked earlier and at a slightly lower level than its forecast, governments must intervene “quickly and decisively” to prevent the sharp rise turning into long-term joblessness.
Its annual employment outlook underlines fears that a recovery without jobs may be in prospect, even if the return to economic growth seen in some countries in the third quarter is sustained.
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