THE SPECTRE OF UNEMPLOYMENT

"Unemployment is mounting around the world as big international companies, including Boeing, Conoco-Phillips, GKN, in Britain, and SAP, of Germany, rush to cut their costs. The job scythe, which could put 50 million people out of work world-wide, according to the International Labour Organisation (ILO), is reaching beyond the financial sector and into every corner of the global economy. ... The ILO report says that unemployment could rise by between 18 million and 30 million this year, and as much as 50 million if the world economy continues to deteriorate. In its worst-case scenario, global unemployment, which stood at 179 million in 2007, could rise to 230 million." (Times, 29 January) RD