Global unemployment market set to hit record highs in 2013

The number of jobless people around the world rose by 4 million in 2012 to 197 million, and is expected to grow further, the UN labour agency warns.

Five years on from the onset of the financial crisis, unemployment is on the rise again as economies around the world lose jobs and the fragile recovery is threatened by "incoherent monetary policy" in the US and Europe, reported the ILO.

By 2013, a record 202 million people could be unemployed across the globe, the International Labour Organization (ILO) said on Tuesday.

That number is expected to rise by another three million in 2014 and should hit 210.6 million by 2017, ILO said, adding that the global unemployment rate was expected to stay steady at 6% until then.

According to United Nation's agency's latest report, Global Employment Trends 2013, 6% of the world's workforce were without a job in 2012.

Young people were the worst affected: nearly 13% of those under 24 were unemployed. Some 35% of all young unemployed people have been out of work for six months or longer in advanced economies, up from 28.5% in 2007.

The report revealed that long-term unemployment was also growing, pointing out that a third of Europe's jobless had been without work for more than a year.

Many were giving up, with the report estimating that 39 million people had withdrawn from the labour market.

The world's most advanced economies were the centre for the financial crisis and have been the hardest hit, accounting for half of the total increase in unemployment of 28 million since the onset of the crisis.

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