The International Labor Organization (ILO) in its Annual Report has warned that the existing global financial crisis might cause mass unemployment on a global scale.
The report states that some 200 million workers could lose their jobs. ILO Director-General Juan Somavia says, “The ILO message is realistic, not alarmist. We are now facing a global jobs crisis. Many governments are aware and acting, but more decisive and coordinated international action is needed to avert a global social recession.”
The report has indicated that it will be extremely difficult for the developing nations to cope with this crisis since they lack independent and innovative approaches to production and resource management.
The warning looks realistic and thinkable because most of the developing nations are aid-and loan-dependent, lacking original efforts to develop crisis management economic strategies.