 "Unemployment levels to remain high next year too: OECD")
Unemployment levels are projected to remain high in most of the developed nations next year, with more number of young people expected to be without a job, according to Paris-based think tank OECD.
The grim projection comes against the backdrop of many developed countries, including the US, witnessing slow economic recovery.
'Unemployment in OECD countries will remain high through 2014, with young people and the low-skilled hit hardest,' the Organisation for Economic Co-operation and Development (OECD) said today.
Going by that assumption, as many as 48 million people would be out of work in the 34 OECD countries, the grouping said in a statement.
'By the end of 2014, unemployment is expected to be just over 11% in France, around 12.5% in Italy, and close to 28% in Spain and Greece,' it noted.
In the US, however, the jobless rate is expected to decline to less than 7% by the end of next year. The level stood at 7.6% in May 2013. Meanwhile, the unemployment rate in Germany is anticipated to be below 5% by the end of next year from 5.3% in May 2013.
'In many OECD countries, job losses and earnings losses have been concentrated in low-skilled, low-income households more than in those with higher skills and incomes,' the statement said.
On the other hand, in large emerging economies, employment was less affected by the crisis but many workers remain trapped in low-paid, insecure jobs with little social protection, it added.
Noting that the social scars of the crisis are far from being healed, OECD Secretary General Angel Gurria said many countries in the region continue to struggle with high and persistent unemployment, particularly among youth.
The grim projection comes against the backdrop of many developed countries, including the US, witnessing slow economic recovery.
'Unemployment in OECD countries will remain high through 2014, with young people and the low-skilled hit hardest,' the Organisation for Economic Co-operation and Development (OECD) said today.
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Over the next 18 months, jobless rates are expected to fall only slightly from 8% in May this year 7.8% at the end of 2014.
Going by that assumption, as many as 48 million people would be out of work in the 34 OECD countries, the grouping said in a statement.
'By the end of 2014, unemployment is expected to be just over 11% in France, around 12.5% in Italy, and close to 28% in Spain and Greece,' it noted.
In the US, however, the jobless rate is expected to decline to less than 7% by the end of next year. The level stood at 7.6% in May 2013. Meanwhile, the unemployment rate in Germany is anticipated to be below 5% by the end of next year from 5.3% in May 2013.
'In many OECD countries, job losses and earnings losses have been concentrated in low-skilled, low-income households more than in those with higher skills and incomes,' the statement said.
On the other hand, in large emerging economies, employment was less affected by the crisis but many workers remain trapped in low-paid, insecure jobs with little social protection, it added.
Noting that the social scars of the crisis are far from being healed, OECD Secretary General Angel Gurria said many countries in the region continue to struggle with high and persistent unemployment, particularly among youth.