According to a new report by the International Labor Organization, 12.3 million people worldwide live in virtual slavery and are forced to endure forced labor. 2.4 million of those people are victims of trafficking and their labor generates profits of more than $30 billion each year.

The problem is most widespread in poorer Asian countries and in Latin America but there are more than 350,000 documented cases in the industrialized world according to the report. Most of the victims are women and children. In many instances, children are forced to work the same jobs as their parents with no hope of release. Another widespread problem is the use of women and children as sex slaves.

'Forced labor represents the underside of globalization and denies people their basic rights and dignity,' said ILO director-general Juan Somavia. Somavia also called forced labor a 'social evil.'

The 87 page report recommended that wealthier nations take a close look at their economies and make a determined effort to pressure companies and governments that use forced labor to change their ways.

The ILO did sound a message of hope in its final conclusion as Mr. Somavia added, 'With political will and global commitment over the next decade, we believe forced labor can be relegated to history.'