Tough austerity measures and harsh labour reforms are hurting employment markets globally, according to the International Labour Organisation (ILO). Unemployment figures are forecast to increase at a rate of 6.1 percent to 202 million during 2012.

The organisation found that employment levels are not expected to return to pre-crisis levels until the end of 2016. The report said that fiscal austerity had “devastating consequences” for employment and warned that unless governments combined their austerity schemes with job creation they were taking the risk of fuelling public unrest.
This was confirmed by the World of Work Report 2012, which showed that an estimated 196 million people were out of work globally at the end of 2011.