Word: ilo
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Dates: during 2000-2009
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...sending countries develop economically, they "now feel they have a moral obligation to protect their workers," says Christopher Lowenstein-Lom of the International Organization for Migration (ILO) in Bangkok. The Philippines - one of the world's largest migrant-sending countries - has set up worker-resource centers in destination countries to help distressed workers find help while they're overseas. Thailand, both a source and sending country for migrant labor, also offers consular services for its workers overseas, many who have suffered at the hands of human traffickers...
...financial meltdown has turned into global economic crisis, the human cost in terms of lost jobs and displaced workers is growing at a terrifying pace. The International Labor Organization (ILO) predicts that 38 million people around the world could lose their jobs this year alone, sending unemployment rates in Europe and the U.S. into double digits for the first time in years and slowing - or in some places reversing - the massive jobs growth of recent years in Asia. Alarmed by the social and political consequences, governments, companies and labor unions in countries across the globe are scrambling...
...this gut-wrenching downturn, the Germans and the Japanese are no longer alone. "It's happening a lot," says Raymond Torres, director of the ILO's International Institute for Labor Studies. "People are trading off their jobs for wage cuts and other measures." There's even some anecdotal evidence that it's starting to happen in the U.S., where companies have traditionally not hesitated to lay off staff in a downturn; last month the New York Times announced a 5% pay cut for some of its staff in return for extra vacation days...
...bigger macroeconomic problem currently hammering the world economy: lack of demand. Pay cuts eat into consumer spending, which in turn amounts to more bad news for a world economy in need of stimulus. "If you go too far, you'll just aggravate the demand crisis," says Torres of the ILO...
...over the past year. In March 2005 the average price for a 37-in. liquid-crystal display (LCD) HDTV was a hefty $4,113; a year later, the average price had dropped to $2,333. Bargain hunters can find even better deals. This summer under its low-cost label ILO, Wal-Mart was selling a 32-in. set with a built-in HDTVtuner...