The Organization for Economic Cooperation and Development has warned that rate of unemployment may soar to 10 per cent next year.

The 30-nation OECD said that rate of unemployment reached its highest level of 8.5 per cent among the developed countries in July.

The US, Ireland and Spain are among countries with the fastest growing unemployment.

The projected unemployment rate of 10 per cent for next year is well above 5.6 per cent in 2007 and 7.5 per cent in 1993.

The chief of the employment division at the O. E. C. D, Stefano Scarpetta, said, "We aren't saying this recession will be worse for employment than the 1970s and 1980s, but there is a risk."

Rate of unemployment in the UK was 7.9 per cent in July, while the US is facing 9.7 per cent unemployment rate.

On the other hand, OECD has said that stimulus plans by Australian government has saved as many as 200,000 jobs.

Australia's PM Kevin Rudd was happy with OECD's above mentioned finding, but he said other findings of the organization were quite "sobering".