Unemployment to rise by 100,000: OECD

  • Story by: Gemma Westacott
  • Magazine: FTAdviser
  • Published Thursday , July 03, 2008

Unemployment levels in Britain are expected to rise by 100,000 people over the next two years, according to projections from the Organisation for Economic Co-operation and Development (OECD).

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According to the OECD's annual Employment Outlook report, the unemployment rate will rise from 5.4 per cent of the workforce last year to 5.8 per cent in 2009.

The report reaffirms gloomy predictions announced by the 30-nation body last month, when the OECD downgraded predictions for gross domestic profit (GDP) growth.

According to that report, British GDP growth will almost halve to 1.8 per cent this year from 3 per cent in 2007. The OECD further forecast that it would slide to 1.4 per cent in 2009.

In its most recent report, the organisation said that while the financial turmoil caused by the collapse of the sub-prime mortgage market in the US appears to have "passed its peak", its consequences will continue to be felt in developed countries globally.



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