Unempoyment, inequality threatening global recovery: IMF chief

10:28, April 14, 2011      

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Unemployment and a lack of equal growth are key threats to global economic recovery, Dominique Strauss-Kahn, managing director of the International Monetary Fund, said Wednesday.

"What we have learned over time is that unemployment and inequality can undermine the very achievements of the market economy, by sowing the seeds of instability," Strauss-Kahn said.

Strauss-Kahn spoke at the Brookings Institution ahead of the IMF and World Bank spring meeting that officially opens April 15.

Citing the recent situation in the Middle East and North Africa, Strauss-Kahn said that in too many countries, the lack of economic opportunity can lead to unproductive activities, political instability, and even conflict.

He noted that even though the global economy keeps recovering, "growth - at least in the advanced economies - is not creating jobs and is not being shared broadly. Many people in many countries are facing a social crisis that is every bit as serious as the financial crisis."

The latest data shows that the economic crisis threw 30 million people out of work. More than 200 million people are looking for jobs around the world today.

The employment crisis is hitting the young especially hard. And what should have been a brief spell in unemployment is turning into a life sentence, possibly for a whole lost generation, Strauss-Kahn said.

Source: Xinhua
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