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Financial crisis may lead to 25 million job cuts by 2010

September 16, 2009 3:23 by kippreport

The financial crisis may cost up to 25 million people their jobs by the end of 2010, according to a report released by the Organization for Economic Co-operation and Development (OECD), reports Reuters. The report claims that 15 million jobs cuts took place between end-2007 and July 2009, and that 10 million more could go by the end of next year thanks to increasing unemployment rates.

“The world economy is indeed recovering. We’ve thrown trillions and trillions and trillions at it and of course we’re seeing results,” said OECD Secretary General Angel Gurria. “[But] employment is the bottom line of the current crisis. We cannot claim victory because we see economic indicators going up. We should not assume that (renewed GDP) growth will take care of this,” he said.

Tags: Financial Crisis, job loss