As stock markets advanced around the world yesterday, the Organisation for Economic Co-operation & Development (OECD) released a dismal outlook. The OECD said that the global recession would cause 25 million persons to lose their jobs if the global recovery is unable to garner momentum.
There have been over 15 million job losses thus far, and it estimates that as much as 10 million more could come next year, pushing the unemployment rate to 10%. The jobless rate among OECD countries was 8.5% in July, compared with 5.6% at the close of 2007.
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