Rising global unemployment

According to a joint report by the International Monetary Fund (IMF) and the International Labour Organisation (ILO), 30 million jobs had been lost since the start of the global economic crisis in 2007/08, as reported in this article. Furthermore, with global unemployment reaching 210 million people, long-term unemployment in the richer economies have become very high. Given that consumption is such an important component of GDP in developed countries, one can easily argue that without any meaningful recovery in jobs growth, economic growth in these countries would be tepid at best.

Back home here, we can see this increased concern about economic prospects reflected in the recent debate on immigration after the Prime Minister's National Day Rally speech, which despite attempts by the government to soothe nerves shows no sign of abating. While we have (still) have a relatively strong stock market and a booming property market (not always a good thing!), the middle-class here is increasingly worried about its long-term economic prospects, and this is not helped by what is perceived as unbalanced economic policies. There is, it seems to me, a disconnect between what the markets are saying and what the people are recognising as their reality. Who is right?