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EU jobless rate to peak at about 12% in 2013

Posted by EU Times on Nov 9th, 2012 // No Comment

rahimi20121012070210250 — Reuters polls show that the global economy is expected to improve only slightly in 2013.

New projections on unemployment in eurozone show that the jobless rate among member countries will hit a new peak at about 12 percent next year.

The European Union’s autumn forecast on Wednesday said that unemployment would hit a new peak at 11.8 percent among the 17-nation EU in 2013 and go down slightly to 11.7 percent in 2014.

The eurozone jobless rate currently stands at 11.3 percent.

Greece and Spain are expected to remain in recession throughout next year. France, the second largest EU economy, is also expected to miss its deficit target next year.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain.

The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.

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Read More Stories About: Austerity Measures, EU, European Union, Eurozone, France, Greece, Ireland, Italy, Jobless Rate, Jobs, Portugal, Spain, Unemployment

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