A large and persistent shortfall in the number and quality of the jobs being created in G20 countries is affecting prospects for re-igniting economic growth, according to a report prepared by the ILO, the OECD and the World Bank Group for the G20 Labour and Employment Ministers meeting taking place in Melbourne this week.
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The number of jobless people in Spain declined significantly in the second quarter of 2014 as strong job creation led to a significant decrease in the country's high unemployment rate. The rate, one of the highest in the OECD, fell to 24.5% from 25.3% in the first quarter. The unemployment rate is still 15.7 percentage points higher than before the crisis and there are still 3.6 million more unemployed.
Country-specific findings for the 2014 edition of the OECD Employment Outlook
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Unemployment rose substantially in the Slovak Republic as a result of the crisis and has only declined slowly since reaching a peak of 14.8% of the labour force in early 2010. At 13.3% in August 2014, the unemployment rate remains one of the highest among developed countries and is twice as high as the OECD average.
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Poland’s employment rate at 61% (Q2 2014) remains well below the OECD average but, in contrast to many other countries, it has increased slowly since the onset of the economic crisis (from 57.9% in Q1 2007).
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Belgium’s labour market continues to perform poorly relative to the OECD average. The employment rate of 61.8% (Q1 2014) is well below the OECD average and little changed from its pre-crisis level. Unemployment, at 8.5% in Q2 2014, remains close to peak levels, unlike in most other countries
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Hungary was hit harder by the global crisis than most OECD countries. Unemployment reached record levels at the peak of the crisis but has since recovered to its pre-crisis level around the current OECD average of 8%.
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After a decade of robust growth, Finland was hit particularly hard by the 2009 economic and financial crisis. It went through a double-dip recession and output and employment are still significantly below their pre-crisis levels.
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Following the onset the global economic and financial crisis, Denmark’s labour market performance has deteriorated significantly both in absolute terms and relative to the OECD average.
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By July 2014, unemployment (OECD standardised definition) in the Netherlands had fallen to 6.7%, 0.6 percentage points lower than its peak in February of this year, but still 3.4 percentage points higher than at the start of the crisis.