Global Employment Report

196

International Labour Organization (ILO) has recently released a report about global employment scenarios. The report revealed that Global employment will not recover to pre-pandemic levels until at least 2023, with an expected gap in hours worked this year equivalent to 52 million full-time jobs. While an improvement compared with 2021, hours worked globally are expected to remain 2 percent below levels seen before the arrival of COVID-19. The report also mentioned that  Global unemployment is also expected to stay well above pre-pandemic levels, with 207 million people expected to be out of work in 2022, compared with 186 million in 2019. A positive thing it contained is that the global unemployment rate is expected to reach 5.9 percent in 2022, improved from 6.2 percent last year and 6.6 percent in 2020. ILO further explained that they downgraded their forecast for the year due to the emergence of the Delta and Omicron coronavirus variants and ongoing uncertainty about the trajectory of the pandemic. In May last year, the ILO has forecasted that there would be 205 million people out of work and a shortfall in hours worked corresponding to 26 million full-time jobs. The ILO report cautioned that emerging economies have not recovered at the same stride as their developed peers, with underlying disparities intensifying and lengthening the hostile impact of the catastrophe. North America and Europe exhibited the strongest signs of recovery, while labour markets in Southeast Asia, Latin America, and the Caribbean fared the worst.  The report also categorically cautioned that the harmful influence of the pandemic on jobs and livelihoods, if not rapidly reversed, will run the risk of inducing long-term structural change with lasting adverse implications for labour markets. Therefore, Bumpy impacts of containment measures and the decent work deficits that they have contributed to are intimidating the prospects for sustainable and comprehensive economic development.

Comments are closed.

Subscribe to Newsletter
close-link