(MENAFN) The International Labor Organization (ILO) stated that jobless rate in the euro zone reached 11 percent in April, with southern Europe posting the bulk of job losses, reported Xinhua News.
In its report "euro zone job crisis: Trends and policy responses," the UN labor agency said that in case governments in the one currency bloc fail to execute reforms in the right time; during the coming 4 years, the region could lose an additional 4.5 million jobs.
It added that since the beginning of the current year, employment in half of the euro zone countries has dropped, staying below than that before the crisis by 3.5 million, with the quality of jobs worsening, even in the stronger economies.
It is worth noting that revamping the euro zone financial system, encouraging productive investment, carrying out efficient employment programs, sustaining social protection, promoting social dialogue and embarking on job-friendly fiscal plans are crucial steps to achieve a recovery in employment, according to the report.
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