Twenty million jobs will go off by the end of next because of the impact of the financial crisis on the global economy. Construction, real estate, financial services, and auto sector are most likely to be hit, according to the International Labour Organisation’s (ILO), which is based on International Monetary Fund projections for the world economy.It might get even worse, jobs could be even higher if IMF economic projections are slashed, said ILO Director General Juan Somavia.
“We have to talk about the financial crisis in terms of what happens to people and what happens to jobs and enterprises,It would be tragic to respond to a sub-prime crisis with sub-prime policies,” he told reporters.The ILO does not yet have a regional breakdown of projected job losses,its is estimated that the Financial crisis would sack millions of peopel’s job. But countries with large domestic non-export markets would be able to weather the crisis better, An example is China, where exports make up only 11 per cent of the economy. Hence they are not that affected.