Image via WikipediaUnemployment rates have started increasing and there are other signs of economic downturns in major economies of the world. International Labour Organization predicted that at least 20 million jobs will be lost by the end of 2009 bringing world unemployment level at above 200 million for the first time. The number of unemployed people may increase by more than 50 million in 2009 if the recession intensifies. Advanced economies like USA, Canada, Brazil, China, Japan, Hong Kong, India, Singapore, Taiwan, Gulf, South Africa, Spain, Germany, France, UK, Sweden, Norway, Russia and Australia have all started feeling the effects of the recession.
Unemployment in Australia rose to its highest level in nearly four years in February 2009, showing the global downturn continues to bite despite big interest rate cuts and the government pumping billions of dollars into the economy.
