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Almost a third of the 93 million unemployed persons from the G-20 economies have been unemployed for more than a year, according to the UN’s International Labour Organisation (ILO) and the Organisation for Economic Cooperation and Development (OECD).
Over the past 12 months, unemployment fell slighting in half of the G-20 countries but rose in the other half. The G-20 countries represent 80% of the world’s economic output. Unemployment was highest in South Africa and Spain, above 25%. Across the European Union as a whole unemployment was above 11%, with Britain, Canada, Turkey and the United States above 7%. Unemployment was below 5% in only four countries; China, India, Japan, and South Korea.
“The weakness of the global economy, even six years after the onset of the global financial crisis has ‘blunted’ many countries’ efforts to find jobs for people,” said Guy Ryder, director general of ILO and Angel Gurria, secretary general of OECD, in a joint statement.
Youth unemployment rates were twice as high in almost all G-20 nations; except for Germany and Japan. This is in spite of the wide use of subsidies to encourage the hiring of young people in Britain, France, Italy, Saudi Arabia, and Spain.