DAVOS, Switzerland (Reuters) – Of the raft of global risks confronting business and political bigwigs at Davos, the threat of a trade war is one of the scariest.
Open markets and trade are the essence of the globalization that delivered rising prosperity for decades until interrupted by the credit crunch and economic downturn.
GENEVA (Reuters) – The United States promised its trading partners on Tuesday that it would make changes to a controversial method for calculating duties on unfairly priced imports.
But Japan and the European Union said assurances that Washington would comply with repeated condemnations from dispute panels and the appeal court at the World Trade Organization did not go far enough and left many questions unanswered.
GENEVA, Jan 25 (Reuters) – A faltering and uneven increase
in jobs is holding back the overall economic recovery and
unemployment is likely to continue at near record levels this
year, the International Labour Organisation said on Tuesday.
Weak job creation is particularly devastating for young
people, and official figures understate the true number of
unemployed as many people have given up looking for work, the
United Nations jobs agency said.
The ILO released the bleak report on the eve of the annual
meeting in Davos of business and political leaders, who are
confronted this year by growing economic disparity between and
within countries, and an apparent inability of the international
community to deal with the problem.
Presenting the ILO’s “Global Employment Trends 2011,
executive director Jose Manuel Salazar-Xirinachs said the
recovery in economic growth will lose momentum this year.