“In the OECD area, 8 to 10 million jobs will be lost, and worldwide by 2010, 20 to 25 million,” said Angel Gurría. According to him, the crisis will particularly affect construction, as activity in this sector has “abruptly stopped”.
As reported by RIA Novosti, the official also noted that EU countries will spend more on economic recovery than they had planned. “It may be necessary to exceed the threshold (1.5% of total EU GDP) stated by Europeans, since other major states intend to surpass it,” said Gurría. He recalled that the US announced an investment of 5% of GDP in economic recovery, Japan 2 to 3%, and China 15% over several years.
The OECD includes 30 industrialized countries.