Economic prospects and regional trends
Unemployment began to grow soon after the information and communication technology (ICT) bubble burst in spring 2001, sparking an economic slowdown. The aftermath of the September 11 attacks in New York and Washington, D.C. brought further shocks and amplified the economic downturn. This slower growth in industrialized nations meant job losses in the export-oriented industries of developing countries. Worst hit were labour-intensive, export-oriented sectors, such as the garment industry which largely employ women.
In addition, weakening confidence among investors brutally exposed the financial fragility of countries in several regions, with the ensuing crises putting many people out of work. In Argentina, for example, unemployment jumped above 20 per cent in 2002, with knock-on effects in neighbouring countries. Armed conflicts and violence also contributed to higher unemployment and poverty in countries as far apart as Colombia and Nepal. In the Middle East, joblessness spiralled in the West Bank and Gaza Strip, while the recession in Israel continued.
Unemployment began to grow soon after the information and communication technology (ICT) bubble burst in spring 2001, sparking an economic slowdown. The aftermath of the September 11 attacks in New York and Washington, D.C. brought further shocks and amplified the economic downturn. This slower growth in industrialized nations meant job losses in the export-oriented industries of developing countries. Worst hit were labour-intensive, export-oriented sectors, such as the garment industry which largely employ women.
In addition, weakening confidence among investors brutally exposed the financial fragility of countries in several regions, with the ensuing crises putting many people out of work. In Argentina, for example, unemployment jumped above 20 per cent in 2002, with knock-on effects in neighbouring countries. Armed conflicts and violence also contributed to higher unemployment and poverty in countries as far apart as Colombia and Nepal. In the Middle East, joblessness spiralled in the West Bank and Gaza Strip, while the recession in Israel continued.