International Labour Organisation (ILO) has warned the governments that the world is heading towards a serious job recession. ILO spokesman stated, “We estimate that for the next two years, the world economy would need 80 million jobs to bring the unemployed rate down to what it was before the crisis in 2007”.
But according to its estimation only 40 million jobs are going to be created which will result in serious unemployment not only in the developing but also in the developed countries. The recession started in 2007 has resurrected again in 2010. It is going to be further critical as per all indications. The capitalist system will not be devoid of continued crises, except for short periods.