Employment in Europe remains well below the pre-crisis level, with time “running out” for a generation of workers “stuck in chronic joblessness or moving between unemployment and low-paid precarious jobs”, according to the OECD.
Countries such as Portugal, Spain and Greece could see thousands of its citizens “trapped at the bottom of the economic ladder”, a result which would only “ratchet up inequality yet another notch from levels that were already far too high”.
The stark warning addresses all ages, but points out that many young people are at the “make or break” point where they may not be able to “secure a toe-hold” in the labour market.
Many countries suffered a “long shadow” of recession, but in southern Europe unemployment remains unacceptably high more than seven years after the crisis started.
After two years of unemployment, chances of finding work are shrinking, the new report says.
Greek unemployment running at 24% was one of the “most alarming” statistics it published. The country has the highest long-term jobless rate out of the 34 member states of the OECD.
The OECD said unemployment rates in many economies were projected to remain high in the coming years as many of the manufacturing and construction jobs lost during the Great Recession were unlikely to be recovered.
"The jobs mix has shifted towards more part-time work and away from manufacturing and construction jobs which may be making it harder for some unemployed to find full-time jobs."
