IMF says new jobs essential

THE world’s rich countries need to extend fiscal stimulus and job growth initiatives to fix a “dire” labour market that could threaten entire societies, the International Monetary Fund (IMF) said yesterday.

At a conference co-hosted by the IMF and the International Labour Organisation, visiting Spanish Prime Minister Jose Luis Rodriquez Zapatero said high unemployment may trigger a “crisis of confidence” in Europe.

The IMF said more and more workers worldwide were unable to find jobs for longer periods, weakening social cohesion.