The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned.“The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up,” said William White, the Swiss-based chairman of the OECD’s review committee and former chief economist of the Bank for International Settlements (BIS).
World Employment and Social Outlook – Trends 2016: Global unemployment projected to rise in both 2016 and 2017
GENEVA (ILO News) – Continuing high rates of unemployment worldwide and chronic vulnerable employment in many emerging and developing economies are still deeply affecting the world of work, warns a new ILO report. The final figure for unemployment in 2015 is estimated to stand at 197.1 million and in 2016 is forecast to rise by about 2.3 million to reach 199.4 million.
An additional 1.1 million jobless will likely be added to the global tally in 2017, according to the ILO’s World Employment and Social Outlook – Trends 2016 (WESO). “The significant slowdown in emerging economies coupled with a sharp decline in commodity prices is having a dramatic effect on the world of work,” says ILO Director-General Guy Ryder.