The International Labor Organization (ILO) predicted that at least 20 million vacancies will have been lost by the end of 2009 due to the crisis ? mostly in "construction, real estate, financial services, and the auto sector" ? bringing worldwide unemployment above 200 million for the first time. The number of unemployed people worldwide could increase by more than 50 million in 2009 as the universal recession intensifies, the ILO has forecast. Recent improvements in communication and education in the world has allowed workers in these countries to compete more closely with workers in traditionally physically powerful economies, such as the United States. This huge surge in labor supply has provided downward pressure on wages and given to unemployment.
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Sean Cruz
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