The World Needs 200 Million Jobs To Reach Full Employment

According to a report released today by the International Labor Organization and the World Bank, worldwide economies need to create 200 million jobs to recover from the global recession and reach full employment. The report estimates that the world lost 27 million jobs during the recession, and hasn’t been creating enough jobs to keep up with the 40 million people who enter the labor force annually. This has “created a long-run jobs gap of 177 million, on top of the 27 million jobs lost in the downturn.” “There is a clear need for designing policies to raise the rate of employment growth above pre-crisis levels, initially to fill in the jobs crisis gap of 27 million, and later to tackle the longer-run challenge of filling in the larger gap of 177 million,” the report says.