OECD: world jobless to 'rise 9%'

Unemployment levels in the world's leading economies is expected to rise by nine per cent to 34.8 million by the end of 2009, according to the Organisation for Economic Co-operation and Development (OECD).

According to the OECD, the global credit crunch is to blame for the rise which comes against the backdrop of some of the lowest unemployment rates in post-war history.

"Labour markets have shown significant improvements over the past decade. The average unemployment rate dropped to 5.6 per cent in the OECD area in 2007, the lowest rate since 1980," commented the OECD.

The Financial Times reports that employment growth has slowed down in the OECD area, falling from 1.7 per cent in 2006 to 1.5 per cent last year. This year it is expected to fall to 0.7 per cent and 0.5 per cent next year.

The OECD exists to support sustainable economic growth, boost employment and raise living standards.

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