The number of unemployed people in India is expected to rise by one lakh this year and another two lakhs next year, according to the International Labour Organisation (ILO).
The ILO predicted that the 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.
Globally, the ILO reckons that the number of jobless people will increase by 3.4 million in 2017, in its report on World Employment and Social Outlook for 2017 released late Thursday, with projections based on econometric modelling carried out in November 2016. 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,” said ILO Director General Guy Ryder.
Vulnerable forms of employment, which include contributing family workers and own account workers, are expected to stay above 42 per cent of total employment. About 1.4 billion people are likely to be engaged in such employment in 2017, with the number rising by 11 million per year, with Southern Asia and sub-Saharan Africa being the most affected.