Global Job Loss May Hit 51 Million in 2009

As many as 51 million jobs worldwide could be lost this year because of the global economic crisis, according to a UN agency.

The International Labour Organization says that would push the global unemployment rate to 7.1% by the end of 2009, compared with 6% in 2008 and 5.7% in 2007.

The ILO’s most optimistic forecast is for 18 million more unemployed, giving a global jobless rate of 6.1%. It says developing countries will suffer most from additional job losses.

The International Monetary Fund is expected today to cut its forecast for world economic growth and predict a deeper than expected recession in the developed nations.

The ILO said realistically 30 million more people could lose their jobs, pushing the global unemployment rate to 6.5%.

ILO Director-General Juan Somavia called on the upcoming meeting of the G20 this April in London, to urgently agree on priority measures to promote productive investments and decent work & social protection objectives.