Downturn & Social Unrest

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Downturn & Social Unrest
By Dr Arvind Kumar
A report released on 31 october 2011 by International Labour Organization, points to a disastrous global jobs situation and a “vicious cycle” sending the world economy into a new downturn. The report further warns, “The next few months will be crucial for avoiding a dramatic downturn in employment and a further significant aggravation of social unrest.” Three years after the crash of 2008, “economic growth in major advanced economies has come to a halt and some countries have re-entered recession, notably in Europe,” the ILO notes. “Growth has also slowed down in large emerging and developing countries.” The advanced economies have 13 million fewer jobs today than in 2007, with the United States (6.7 million) and Spain (2.3 million) accounting for more than half of this figure. Due to the growth in the labor force, to restore pre-crisis employment rates, 27 million jobs would have to be added in advanced countries, and 80 million globally, over the next two years.

The jobs situation is particularly bleak for young people, and this holds true in almost all parts of the world. “Among countries with recently available data, more than one in five youth [aged 15-24], i.e. 20 per cent, were unemployed as of the first quarter of 2011—against total unemployment of 9.6 per cent.” The economic crisis is, predictably, producing a sharp increase in social discontent. The year 2011 has already seen a significant growth of the class struggle, beginning with the revolutionary upheavals in the Middle East and North Africa. They have since expanded to Europe, Latin America, and the United States, including in the Occupy Wall Street movement that began in September this year. The likelihood of social unrest has increased particularly sharply in advanced countries. Moreover, the majority of countries worldwide reported a collapse of public confidence in national governments.

#Downturn #SocialUnrest #DevelopingCountries #NationalGovernment #InternationalLabourOrganization

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