Large firms in Europe are losing over 130,000 jobs each year in IT, finance and other areas, as jobs are increasingly offshored to cheaper locations, meaning that by 2017, some 1.9 million European jobs will have disappeared, according to new report.
Offshoring, combined with technological advances that can replace jobs, and the euro zone’s low-growth business environment, could result in the loss of half of all “back office” jobs that existed in Europe in 2002, according to a report by consulting firm The Hackett Group. Of the roughly 4.2 million business services jobs that existed in Europe in 2002, 46 per cent, or 1.9 million, will have disappeared by 2017.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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