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Number of unemployed people in India is expected to rise by 1 lakh in 2017 and another 2 lakh in 2018, according to International Labour Organisation.
Number of jobless will increase from 17.7 million in 2016 to 18 million by 2018 even though the country’s unemployment rate is expected to go down from 3.5 per cent to 3.4 per cent in 2017.
The global unemployment rate is expected to rise modestly from 5.7 to 5.8 per cent in 2017 as the pace of labour force growth outstrips job creation.
Economic growth continues to disappoint and underperform – both in terms of levels and the degree of inclusion. This paints a worrisome picture for the global economy and its ability to generate enough jobs, let alone quality jobs.
Vulnerable forms of employment, which include contributing family workers and own account workers, will stay above 42 % of total employment.
Almost one in two workers in emerging countries are in vulnerable forms of employment, rising to more than four in five workers in developing countries.
Number of workers earning less than $3.10 per day is expected to increase by more than 5 million over the next two years in developing countries.
A co-ordinated effort to provide fiscal stimulus and an increase in public investment that takes into account each country’s fiscal space, would provide an immediate jump-start to global economy and reduce global unemployment in 2018 by close to 2 million.
Manufacturing growth has led India’s recent economic performance, which may help buffer demand for the region’s commodity exporters.
Entering 2017, working poverty is projected to continue to decline in Asia-Pacific, in both rate and absolute numbers, while vulnerable employment numbers look set to rise, despite decreases in the vulnerable employment rate, largely as a result of population growth.