Global employment: weak now, weak later

If theres one thing about recessionary times that has people knitting their brows, its job and employment prospects. After all, what could ride high on the common mans mind more than how to pay for bread and butter?
The Global Employment Trend Report of the International Labor Organization (ILO) casts shadows over employment prospects all over the world, with global unemployment having risen in 2012 leading to expectations of a further increase in 2013.
"Despite a moderate pick-up in output growth expected for 2013-14, the unemployment rate is set to increase again and the number of unemployed worldwide is projected to rise by 5.1 million in 2013...and by another 3 million in 2014," said the Report.
Recessionary conditions in Europe leading to diminished international capital flows in other regions and uncertainty about future economic conditions contribute to the dismal employment outlook that has mired in the global economy.
Fewer and fewer jobs are being created and those in trade are particular affected because of their strong linkages with economic conditions all over the globe. Youth unemployment continues to be a major concern, with far reaching consequences for private consumption and global economic growth.
For South Asia in particular, the rate of unemployment remains below the global average, but youth unemployment continued to be a key concern. Unsurprisingly, a chunk of people in the region work in informal sectors, such as agriculture or urban informal sectors, with low participation in the workforce from women over all.
Another key predicament is the mismatch in educational attainment and skill set of workers. "Many South Asians are leaving school or university without skills that are demanded by employers," highlighted the ILO.
Needless to say, policymakers all over the world, including South Asia, ought to take measures to boost employment growth. Prescribed measures include tackling policy uncertainty, addressing labour market mismatch, increased efforts towards eradicating youth unemployment and promoting structural changes for improved economic efficiency.