The International Labour Organisation (ILO) has warned that austerity measures are hurting job markets worldwide and predicted global unemployment of 202 million people in 2012, up six million from last year, Herald Sun reported.
According to ILO’s World of Work Report 2012 said fiscal austerity and labour market reforms had had “devastating consequences” for employment while mostly failing to cut deficits, and warned that governments risked fuelling unrest unless they combined tighter spending with job creation.
“The austerity and regulation strategy was expected to lead to more growth, which is not happening,” Raymond Torres, director of the ILO’s Institute for International Labour Studies, told journalists in Geneva.
Armenian News
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