Impact of the economic crisis on employment in OECD countries

The OECD area economy has entered recession and labour market conditions are rapidly deteriorating in many countries, according to the latest issue of the OECD Economic Outlook (No. 84, November 2008).

OECD projections indicate that the average unemployment rate in the OECD area may reach 6.3% in the last quarter of 2008, from 5.5% a year earlier. The unemployment rate is projected to increase further in the next 18 months and peak at 7.3% in the second quarter of 2010.

Overall, these projections suggest an increase in the number of unemployed persons in the OECD area from 34 million in 2008 to 42.1 million in 2010 – the most rapid rise in OECD unemployment since the early 1990s.

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