The reality is that America's mortgage and financial crises is dragging down the rest of the world. But can America's economy lead the international community back to economic health?
World economy may lose 51 million jobs: U.N. agencyGENEVA (Reuters) - Up to 51 million jobs worldwide could disappear by the end of this year as a result of the economic slowdown that has turned into a global employment crisis, a United Nations agency said on Wednesday.
The International Labor Organization (ILO) said that under its most optimistic scenario, this year would finish with 18 million more unemployed people than at the end of 2007, with a global unemployment rate of 6.1.
More realistically, it said 30 million more people could lose their jobs if financial turmoil persists through 2009, pushing up the world's unemployment to 6.5 percent, compared to 6.0 percent in 2008 and 5.7 percent in 2007.
In the worst-case economic scenario, the Global Employment Trends report said 51 million more jobs could be lost by the end of this year, creating a 7.1 percent global unemployment rate.
"If the recession deepens in 2009, as many forecasters expect, the global jobs crisis will worsen sharply," it said. "We can expect that for many of those who manage to keep a job, earnings and other conditions of employment will deteriorate."
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