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.

Job losses deepen Monday blues

Companies all over the world announced thousands of job losses today as a survey among US private sector companies suggests that the situation will only get worse.

Caterpillar, producer of heavy machinery such as bulldozers, announced that 20,000 of its employees will face the sack is it made more than a third less profit for the last three months of 2008.

Six thousand employees will be fired from electronics producer Philips.

In the UK steel maker Corus announced 2,500 job cuts while France is considering a stimulus plan to help airlines purchase planes that will in turn save Airbus.

All these job cuts are affecting both skilled and unskilled workers. This means that there are more unemployed individuals with tertiary education than before. Writing on the Wall Street Journal, Dawn Jordan, former vice president of operations at Bank of America writes:

I know my education will be key in landing my next job, but it didn’t prevent me from losing my last one. And it doesn’t carry any guarantees about the job after that. Given the growing number of intelligent, experienced workers being laid off everyday, I can’t help but wonder, what besides education and experience is needed to increase job security in today’s workplace?

Meanwhile UK Prime Minister Gordon Brown called for a new world order after the crisis. This is already happening with Kuwaiti firm Noor Financial Investments forming ventures with Russian gas giant Gazprom

Cows are stronger than Brown: They can survive recession

As Gordon Brown announces the UK is following the US in recession, saying it was caused by ‘complete market failure’, data shows that cattle ranching is experiencing double-digit growth in the US.

So, if you’re looking for a job and you’re worried the British financial services sector will shrink over the coming two years, why not try work on a cattle ranch, where growth and peace of mind are guaranteed.