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.
OECD unemployment rate nudges up to 7.4% in July 2014
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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.
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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.