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Greece Jobless Rate to Hit 34% by 2016

Athens, October 4 (RHC)-- Greece's largest labor union says the country's unemployment rate will rise to 34 percent in three years as Athens continues to grapple with a recession-hit economy following the implementation of tough austerity measures.

A GSEE's Labor Institute report said on Thursday that the country's jobless rate, which is currently above 27 percent, will climb to 34 percent by 2016. The report also warned that the tough austerity measures imposed by the Greek government will have "devastating consequences" for employment.

Last month, GSEE warned that unemployment is expected to surpass 29 percent by the year's end, and is likely to hit 31.5 percent in 2014.

On September 12th, Greek Statistical Authority (ELSTAT) said that the jobless rate rose to 27.9 percent in July from 27.6 percent in June, marking a sharp rise compared to last year when the jobless rate stood below 25 percent.

The country axed 20,000 jobs in June alone, according to the Athens-based national statistics office. Greece has the highest unemployment in the European Union amid deteriorating economic situation and public discontent across the 28-nation bloc.

Edited by Juan Leandro
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