Financial crisis to cost 20 mn jobs: UN

Twenty million jobs will disappear by the end of next year as a result of the impact of the financial crisis on the global economy, a United Nations agency said on Monday.

Construction, real estate, financial services, and the auto sector are most likely to be hit, according to the International Labour Organisation's (ILO) estimate, which is based on International Monetary Fund projections for the world economy.

The toll on jobs could be even higher if IMF economic projections are cut, said ILO Director-General Juan Somavia.

"We have to talk about the financial crisis in terms of what happens to people and what happens to jobs and enterprises," he told reporters.

Somavia said the ILO, which brings together governments, employers and workers, wanted to steer discussions about the resolving the crisis toward job creation and other steps to promote the "real economy."