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Unemployment on the rise over the next five years

Unemployment will continue to rise in the coming years, as the global economy has entered a new period combining slower growth, widening inequalities and turbulence, warns a new ILO report.

By 2019, more than 212 million people will be out of work, up from the current 201 million, according to the World Employment and Social Outlook – Trends 2015  (WESO). (read the report)

“More than 61 million jobs have been lost since the start of the global crisis in 2008 and our projections show that unemployment will continue to rise until the end of the decade. This means the jobs crisis is far from over so there is no place for complacency,” ILO Director-General Guy Ryder said.

The employment situation has improved in the United States and Japan, but remains difficult in a number of advanced economies, particularly in Europe.

Having it All and Wanting More

Extreme inequality is the defining challenge of our time, but it is not inevitable, and can be tackled. Much can be done to even it up, and make the world a fairer place. The richest 1 % will have more than all the rest in 2016!

Read the new Oxfam Report on inequality

ITUC to Davos: The World needs a new model

Working people and their families need a new business model to stop the disintegration of democracies and economies. The world needs investment and jobs, said Sharan Burrow, General Secretary of the International Trade Union Confederation.

People's Health Movement Calls for Governments to be Accountable for WHO

The People’s Health Movement (PHM) calls on health activists and public health practitioners around the world to hold their governments accountable for the work of WHO. Governments must be accountable both for their contribution to WHO (financial and technical) and for their implementation of agreed policies.  Governments must be held accountable by the activists, organisations and movements who care about better health domestically and who also stand in solidarity with people in other countries – Health for All!

Internationalization of Finance and Changing Vulnerabilities

After a series of crises with severe economic and social consequences in the 1990s and early 2000s, emerging and developing economies (EDEs) have become even more closely integrated into what is widely recognized as an inherently unstable international financial system. Both policies in these countries and a highly accommodating global financial environment have played a role.

Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic credit, bond, equity and property markets has reached unprecedented levels. New channels have thus emerged for the transmission of financial shocks from global boom-bust cycles. Almost all EDEs are now vulnerable irrespective of their balance-of-payments, external debt, net foreign assets and international reserve positions although these play an important role in the way such shocks could impinge on them.

Stability of domestic banking and asset markets is susceptible even in countries with strong external positions. Those heavily dependent on foreign capital are prone to liquidity and solvency crises as well as domestic financial turmoil. The new practices adopted in recent years including more flexible exchange rate regimes, accumulation of large stocks of international reserves or borrowing in local currency would not provide much of a buffer against severe external shocks such as those that may result from the normalization of monetary policy in the US. And the multilateral system is still lacking adequate mechanisms for an orderly and equitable resolution of external financial instability and crises in EDEs.

Read the Report






Breakthrough against tax dumping in Europe

Today, the Directorate General for Competition of the European Commission has published a first analysis of Amazon´s tax deals in Luxembourg. The Commission has started an investigation to determine whether these practices have led to illegal state aid for the company.

If this assessment is confirmed, the Commission could claw back such unjustified subsidies.

What if SYRIZA took the EU at its word and audited greek debt?

The campaign against the supposed dangers of SYRIZA is aimed at intimidating Greek voters into renouncing their right to change. It is also intended, in the event of a SYRIZA victory, to cause part of European public opinion to reject the Greek Coalition of the Radical Left in order to avoid Podemos winning the autumn 2015 Spanish elections in its wake. Other surprises could be in store from countries such as Cyprus, Portugal and Slovenia if their citizens considered that it would be worth trying to replace disastrous ultraconservative policies by left-wing measures. European leaders and the large private corporations that support them are aware that the majority of the Eurozone population has a negative opinion of the policies that have been implemented in recent years, and would be ready to vote for change. A SYRIZA victory would represent a major threat to the mainstream parties, whether conservative or “socialist”, fearing that the contamination could spread to Spain.

Inquiry Committee in EP on LuxLeaks

A proposal from the Greens/EFA group for a full European Parliament inquiry committee into tax evasion and dumping following the Luxembourg Leaks revelations today received the required support of 25% of the European Parliament (1). The Greens/EFA group welcomed the cross- political support from all parliamentary groups and called on the Parliament and its president to move to set up the committee without delay. Announcing the development, Greens/EFA co-president Philippe Lamberts said:

"We welcome the cross-political support for an inquiry committee into tax avoidance and dumping in Europe. This broad support confirms that such a committee is indeed the most appropriate and significant tool available to the European Parliament to investigate the Luxembourg Leaks revelations and ensure a comprehensive response at EU level. The European Parliament and its president must now move swiftly and take the relevant steps to ensure the committee is set up, so no more time is lost."

China steps in as world's new bank

Thanks to China, Christine Lagarde of the International Monetary Fund, Jim Yong Kim of the World Bank and Takehiko Nakao of the Asian Development Bank may no longer have much meaningful work to do.

Beijing's move to bail out Russia, on top of its recent aid for Venezuela and Argentina, signals the death of the post-war Bretton Woods world. It’s also marks the beginning of the end for America's linchpin role in the global economy and Japan's influence in Asia.

The State of Finance for Development

This report provides the most comprehensive review of the quantity of different financing sources available to developing countries, and how they have changed over the past decade.

They have analysed the best available data produced by international institutions, both from the point of view of developing countries as a whole, and for low-income (LICs), lower-middle-income (LMICs) and upper-middle-income countries (UMICs) separately. The report provides figures in absolute terms in US dollars, and also as percentages of Gross Domestic Product (GDP) – a much better indicator of how important they are to the developing country in question.

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