Unemployment to affect over 200 million people in 2012 | business | Hindustan Times
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Unemployment to affect over 200 million people in 2012

business Updated: May 01, 2012 14:18 IST

The unemployment rate in 2012 will increase up to 202 million and it is on an upward trend for 2013, the International Labor Organization (ILO) reported on Monday.

In its 2012 World of Work Report, the organization describes as alarming the trends in Europe, where unemployment rates have been increasing to almost two-thirds since 2010.

ILO notes that labor markets suffered in 2011 the effects of the world cos slowing down due to the economic crisis, considering unlikely that economy will grow at a sufficient pace in the next few years.

Experts predict an unemployment rate reaching 6.2% by 2013, while noting that the number of people seeking jobs will continue to grow up to 210 million by 2016, despite the gradual drop in unemployment rates.

The report urges countries to increase job quality and strengthen institutions instead of deregulating labor markets.