The rate of unemployment across developed economies won’t start to fall until “well into” 2014, while disparities among rich countries are likely to widen further, the Organization for Economic Cooperation and Development said Tuesday.
In its annual report on the outlook for employment, the Paris-based research body also said governments must ensure those suffering long-term unemployment do not suffer financial hardship and concluded that older workers have not held onto their jobs at the expense of younger workers.
The OECD said that as of April, 48 million workers were without jobs across its 34 members, 16 million more than in 2007, the year before the onset of the financial crisis that led to a sharp slowdown in global economic growth and contractions in most developed economies.
“The global recovery in the past four years has been generally weak and uneven,” the OECD said. “Aggregate demand remains depressed in many countries and the labor market in most OECD countries still bears the scars of the financial and economic crisis.”