The ILO noted the glaring disparity between the recovery on global financial markets and the worsening situation facing workers.

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[quote]Even based on “consistently too optimistic” International Monetary Fund forecasts of global economic growth increasing to 3.6 percent in 2014, from 2.9 percent in 2013, the ILO said the unemployment toll would reach 215 million by 2018. “Should a sustainable economic recovery fail to materialise once again,” however, that number would rise to 220 million.

The UN agency noted the glaring disparity between the boom on global financial markets, and the worsening situation facing workers. Guy Ryder, the ILO’s director-general, commented that “corporate profits are up and global equity markets are looking forward to another year of plenty,” but “businesses have been sitting on cash or buying back their own stocks, rather than investing in productive capacity and job creation.”['quote]

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