Jobs crisis in eurozone to continue well into 2014: OECD
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Paris - Unemployment in the eurozone, already at a record high, will continue to climb well into 2014, the Organisation for Economic Cooperation and Development (OECD) forecast Tuesday in a report that highlighted growing divergences between Europe and t
In its annual employment outlook, the Paris-based club of wealthy countries predicted the jobless rate in the 17-nation eurozone would rise to 12.3 per cent next year, up from 12.1 per cent in May.
Spain, Greece, Italy, Portugal and France were among the countries that were continuing to haemorrhage jobs five years after the start of the global financial and economic crisis.
The situation in France would also get worse before it got better,the OECD said, forecasting unemployment in Europe's second-largest economy to reach 11.1 per cent in 2014, compared with 12.5 per cent in Italy and 18.6 per cent in Portugal.
Germany, meanwhile, would continue to be a beacon for jobseekers, with unemployment in the continent's powerhouse set to fall from 5 to 4.8 per cent.
