A number of nations have shown signs of unemployment rates dipping below those witnessed before the global economic downturn.

A report by the International Labour Organisation (ILO) has stated this applies to Brazil, Sri Lanka, Uruguay, Thailand and Kazakhstan.

However, the study predicts the recovery in labor markets will continue to be weak during 2011, particularly in developed nations.

In addition, the publication highlights the importance of tackling youth joblessness, with those out of work expected to stand at 6.1 per cent, or 203.3 million, this year, down from 205 million in 2010.

Global unemployment has stood at record levels for three consecutive years since the financial markets crisis and the ILO has warned action is needed to combat this and tackle poverty.

"There is one common challenge: we need to rethink our standard macroeconomic policy mixes and make quality job creation and decent work a central target of macroeconomic policies," ILO director-general Juan Somavia stated.

The World Economic Forum will take place between January 26th and 30th in Davos-Klosters, Switzerland, attended by leaders from around the globe.

Posted by Lee Thrace