Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Kenya : Police arrest 8 over Mombasa rampage

Read more

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

THE OBSERVERS

Muslims and Christians clean up Bangui, and violence spirals out of control in Algeria's Gardaia

Read more

IN THE PAPERS

Is there such thing as 'telegenic' victims of war?

Read more

IN THE PAPERS

2014-07-22 07:21 IN THE FRENCH PRESS

Read more

THE INTERVIEW

Michel Sidibé, UNAIDS Executive Director

Read more

  • US, European airlines suspend flights to Tel Aviv over Israel-Gaza conflict

    Read more

  • France gives go-ahead to pro-Palestinian Paris rally

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

  • Australian veteran Rogers claims 16th stage of Tour de France

    Read more

  • French Jews mourn French-Israeli soldier killed in Gaza

    Read more

  • Colombia's Rodriguez signs '€80m' contract with Real Madrid

    Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    Read more

  • Five children among seven killed in minibus crash in eastern France

    Read more

  • Hollande says French warship delivery will ‘depend on Russia’s attitude’

    Read more

  • Widodo wins Indonesian presidential election

    Read more

  • Ukraine rebels release bodies, black boxes from flight MH17

    Read more

  • Notorious ‘VIP’ prison in Paris closed for renovations

    Read more

  • An ‘explosion of violence’: French press reacts to Gaza protests

    Read more

  • Christians in Iraq's Mosul face execution or exodus

    Read more

  • Scores killed as Libyan militias fight over airport

    Read more

  • Ukraine football players refuse to return home after friendly in France

    Read more

Business

OECD warns of massive jobless spike by 2010

Latest update : 2008-12-23

Angel Gurria, head of the OECD, forecasted that by 2010 the number of jobless people in the world will have risen by between 20 and 25 million. He expect most of the 30 OECD countries to suffer recession until the end of the second quarter in 2009.

AFP - The global economic crisis will push up unemployment by up to 25 million by 2010, the OECD head forecast on Monday, saying there had been a "truly scandalous failure" of regulatory supervision.
  
"We're heading for a loss of between eight and 10 million jobs in the OECD area... and 20 to 25 million in the world as a whole between now and 2010," Angel Gurria said on France's BFM radio.
  
The International Labour Organisation earlier forecast that the number of global unemployed could go up by 20 million to reach a record high point of 210 million people by the end of 2009.
  
The Organisation for Economic Co-operation and Development in Paris brings together 30 countries, including all the world's industrialised economies. The group conducts research and publishes economic forecasts.
  
Gurria also said that European countries should spend more in stimulus plans to kickstart their economies and suggested that the European Central Bank should lower interest rates because of falling inflation.
  
The European Union should "go beyond" the fiscal stimulus plans already announced, equivalent to around 1.4 percent of GDP, since "all the other major countries are going beyond that," Gurria said.
  
He also said that the OECD economies were in recession in the current quarter and would remain so for at least the first two quarters of 2009, with many countries being in recession for most of 2009.
  
"We predict a recovery at the end of 2009 and weak growth in 2010" he said.
  
Commenting on the build-up to the crisis, Gurria said there had been "a truly scandalous failure of regulation... and supervision", and poor risk management and corporate governance by companies.

Date created : 2008-12-22

COMMENT(S)