By Min Zhu
As Frank Sinatra crooned about love and marriage, so it seems about jobs and growth:
“This I tell ya, brother, you can’t have one without the other.”
The IMF’s latest World Economic Outlook projects global growth of 3 ½ percent this year. To the person on the street, what matters is how this growth translates into jobs and wages. The news on the jobs front, unfortunately, remains grim.
Five years after the onset of the Great Recession, 16 million more people are likely to remain unemployed this year than in 2007. This estimate is for a set of countries for which the IMF forecasts unemployment rates; adding in some countries for which the International Labour Organization provides forecasts only boosts the number.
The bulk of this increase in unemployed people has been in the so-called advanced economies (the IMF’s term for countries with high per capita incomes), as shown in the chart below.
Filed under: Advanced Economies, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Finance, Fiscal policy, G-20, Globalization, growth, Inequality, International Monetary Fund, LICs, Low-income countries, recession | Tagged: Cyprus, France, Greece, Iceland, ILO, International Labour Organization, Italy, jobs, Min Zhu, New Zealand, Spain, the Netherlands, the United Kingdom, unemployment, United States, Zhu Min | 4 Comments »