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Politicians are hoping that the private sector takes over caused by loss of public employment 490 000 planned for the next four years in official forecast labour market.

But the private sector will be more difficult that public sector affected by reductions in costs and the threat of the VAT increase, the ICPD has warned.

It is estimated that the combined effect of direct and indirect expenditure reductions will lead to 650 000 private, while the impact of VAT, from 17 5pc to 20pc undermine the benefits to claim another job losses 250,000 jobs.

Furthermore, loss of 490,000 forecasts for the sector public seems to be an underestimate "held from that most public sector managers say the ICPD account" and excludes approximately 50,000 cuts likely to fall into the fiscal year underway and 120,000 in 2015 - 16, the organization said.

Dr. John Philpott, Senior Economic Adviser to the ICPD agenda, said: "the question 'Where new jobs come?'" is bound to ask for some time yet."

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