51 million jobs set to be lost as world growth reaches near standstill

Data released today shows that around 51 million jobs are at stake as the world will register only 0.5% growth in 2009, the worst rate since the end of World War II.

The International Labour Organisation said today that the global unemployment rate will shoot up to 7.1% with developing countries taking the hardest hit.  North Africa, the region irregular immigrants depart from to reach Europe, has the highest unemployment rate in the world – 10.3%.

Meanwhile, the International Monetary Fund announced that global economic growth will reach a halt growing by just 0.5%.  ‘A sustained economic recovery will not be possible until the financial sector’s functionality is restored and credit markets are unclogged’, said the IMF.

The United Kingdom, one of Malta’s major trading partners and a major source of its tourism industry, is expected to experience one of the deepest recessions when compared to other countries, the report says.