English
The number of unemployed citizens of the members of the Organization for Economic Cooperation and Development (OECD) could increase by 8 million by 2010, from 34 million currently to 42 million, according to an OECD report. The document indicates that the main cause is the recession currently affecting the region, which is the worst since 1980. According to OECD, the world economy will decrease by an average of 0.4% in 2009 and increase by 1.5% in 2010. For the US, the OECD estimates a 0.9% decline in 2009 and a 1.6% increase in 2010. According to the OECD, Japan will decline by 0.1% in 2009 and increase by 0.6% in 2010. The Euro Zone will recess by 0.6% in 2009 and increase by 1.2% in 2010.
OECD estimates that certain countries will suffer severe economic decline, because of the financial crisis or the collapse of the housing market. The list includes Hungary, Iceland, Ireland, Luxembourg, Spain, Turkey and United Kingdom. Many of the OECD member states are or are about to go into a prolonged recession, which is unprecedented since 1980, said Klaus Schmidt Hebbel, Chief Economist of OECD. In his opinion, prompt and massive measures to restore confidence and supply liquidities to the banking sector seem to have successfully contained the panic period, although some institutions are still having problems.
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