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Global unemployed will reach a record 200 million in 2013, UN report predicts

The number of jobless around the world rose by over 4 million in 2012, according to the International Labor Organization.

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People queue to enter a government employment office as it opens on December 4, 2012 in Madrid, Spain. Spain's registered unemployment figures rose by 74,296 hitting a new record of 4.91million as Labor Ministry said today in Madrid. Current unenployment rate is Spain is at 26 percent. (Pablo Blazquez Dominguez/AFP/Getty Images)

The number of global unemployed is expected to hit a record 200 million in 2013, according to a new report by UN jobs watchdog the International Labor Organization. 

The ILO report, released Tuesday, has made the same dire warning of increased unemployment for the past six years, and 2012 was no different: the number of jobless rose by 4.2 million. 

It is expected to continue its climb by 5.1 million this year and another 3 million in 2014, Reuters reported

"An uncertain economic outlook, and the inadequacy of policy to counter this, has weakened aggregate demand, holding back investment and hiring," ILO director general Guy Ryder said, BBC News reported

"This is a massive waste of the lives of young people and their talents, and extraordinarily damaging to the people themselves and their societies," he added. 

Ryder also explained that the data revealed in the report does not show the true extent of the crisis, since labor force participation has also fallen, meaning many who are underemployed but not unemployed do not show up in the figures, RT News reported

The global jobless rate peaked at 6.21 percent in 2009 as a result of the economic collapse, the Associated Press reported. It was 5.93 percent in 2012, but is expected to surpass 6 percent once more in 2013 and 2014.

http://www.globalpost.com/dispatch/news/business/global-economy/130122/global-unemployed-200-million-2013-ilo-report