• Young people hardest hit in Eurozone joblessness

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    PARIS: Young people in many European countries will continue to struggle for jobs as unemployment in the Eurozone is set to hit a record 12.3 percent in 2014, the Organization for Economic Cooperation and Development (OECD) said on Tuesday.

    The poor and low-skilled sections of the workforce are also in the front line of unemployment.

    In its annual Employment Outlook, the OECD also expressed concern over the strains on social welfare of “persistently high levels of unemployment.”

    “While there have been some encouraging signs of a recovery in employment growth in the United States, this has been offset by the return of recession in the Eurozone,” the report said, adding youth were the hardest hit.

    The organization pointed to widening disparities between countries in the zone, with jobless rates in Germany set to fall under 5 percent by end-2014, while it will climb to around 28 percent in Spain and Greece.

    Further afield, unemployment was set to drop in Canada and the United States, it added.

    The OECD is a research and policy body for 34 advanced and emerging democracies.

    AFP

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