The Snitch

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Sombering statistics

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In what seems to be the scariest and sombering statistics ever, The International Labour Organization recently said that 51 million jobs may be lost worldwide due to the recession this year, pushing the world’s unemployment rate to 7.1% by December 2009.

“Many governments are aware and acting, but more decisive and coordinated international action is needed to avert a global social recession,” says ILO’s director-general, Juan Somavia via BBC.

Asia happens to have the world’s lowest unemployment rate, with East Asia capping at 3.8%. That was followed by South Asia (5.4%) and Southeast Asia & the Pacific (5.7%). North Africa and the Middle East, on the other hand had the highest unemployment rates at the end of 2008, of 10.3% and 9.4% respectively. 

However, it seems as though the second wave of layoffs have already started, as coffee empire Starbucks announced that it would close 300 stores and lay off up to 6,700 jobs worldwide due to a “weakening global consumer environment”. While these recent announcements were “extremely difficult decisions”, explains a Starbucks Singapore spokesperson, the coffee chain hopes “these necessary actions will sustain the organisation and reduce the need for additional workforce reductions” in its goal of preserving long-term viability.

However, the impact to local Starbucks stores and employees is unclear just yet. She adds, “Though there may be some local impact based on these announcements, we do not have specific details to share at this time.”

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Written by nasirah

January 30, 2009 at 2:50 pm

Posted in Retrenchments

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