Global Economic Security in Crisis: New ILO report finds "world full of anxiety and anger".

By ILO

Economic security promotes personal well-being, happiness and tolerance, while benefiting growth and social stability. However most people are in a state of economic insecurity, and there are doubts about rich countries' ability to turn wealth into happiness.

This is the first time the ILO has reported on global economic security as perceived by ordinary workers. Nearly three-quarters of all workers live in countries with low levels of economic security.

Economic security seems out of reach of most workers. Irregular pay and non-payment of wages, and more economic restructuring combined with regressive social security schemes are making more people afraid and angry.

Income level is not the most important determinant of national happiness. There is a positive association with rising income, but is has little effect as wealthy countries grow wealthier. The key factor is the extent of income security, measured in terms of income protection and a low degree on income inequality.

(ILO World of Work; no 52, November 2004)