Unemployment set to surge, warns OECD

Unemployment set to surge, warns OECDParis - The Organization for Economic Co-operation and Development said Tuesday average unemployment in its 30 member states would surge to around 10 per cent in 2010.

This would push joblessness in OECD nations to its highest level since the 1970s, the Paris-based organization said as the global recession hits labour markets around the world.

"Unemployment will continue to weigh on national economies for a long time to come," said OECD Secretary-General Angel Gurria releasing the new projections.

More than 57 million people will be unemployed in OECD countries by the end of 2010, the body estimated. In April, the OECD said it expected unemployment to be 7.8 per cent next year.

"Previous downturns have taught us that the jobs recovery will lag a long way behind the pickup in economic growth," said Gurria. (dpa)