According to a latest report released by UN labour, Unemployment in India is going to increasing marginally between 2017 and 2018, signalling inactivity in job creation in country.
The United Nations International Labour Organisation (ILO) released its 2017 World Employment and Social Outlook report yesterday, which finds economic growth trends lagging behind employment needs and predicting both rise in unemployment and worsening of social inequality throughout 2017. As unemployment rises slightly, job creation in India is not expected to take pace in 2017.
In 2016, India performed quite well in terms of job creation when a “majority” of the 13.4 million new employment created in Southern Asia. According to the report,”Unemployment in India is projected to increase from 17.7 million last year to 17.8 million in 2017 and 18 million next year. In percentage terms, unemployment rate will remain at 3.4 per cent in 2017-18″. The report also said that India’s 7.6 per cent growth in 2016, helped southern Asia achieve 6.8 per cent growth that year.
One of the most compelling reason for increase in Unemployment in country is Manufacturing growth, which has affected in poor recent Economic conditions of India.
The report added that global unemployment levels and rates are expected to remain high in the short term, as the global labour force continues to grow. In particular, the global unemployment rate is expected to rise modestly in 2017, to 5.8 per cent (from 5.7 per cent in 2016) – representing 3.4 million more unemployed people globally.
Director General of ILO Guy Ryder said,”We are facing the twin challenge of repairing the damage caused by the global economic and social crisis and creating quality jobs for the tens of millions of new labour market entrants every year”.
The number of unemployed people in developing countries in expected to rise by almost 3.6 million during 2017. The statistic is even worse for emerging countries. The unemployment is however expected to fall in developed nations.
According to the ILO, improvement in unemployment is only possible through international cooperation. A coordinated effort in public investments would go a long way to provide an immediate jump start to the global economy and hence we can see fall in unemployment numbers.