Global employment growth is expected to slow significantly to 1% this year from 2% in 2022, having been hit by the impact of war in Ukrainehim high inflation and the tighter monetary policy, as stated today by International Labor Organization (ILO).
Alongside, The number of unemployed in the world is expected to increase by 3 million. to 208 million in 2023, while inflation will eat away at real wages, the ILO said in a report on global trends.
THE lack of new jobs will hit countries at a time when many are recovering from the economic shock of the pandemic and o coronavirus is sweeping China after Beijing lifted its strict restrictions lockdown.
“The slowdown in global employment growth means that we do not expect the losses incurred during the COVID-19 crisis to be recovered before 2025,” said Richard Summans, director of the Organization’s research division and coordinator of this latest report.
Progress in reducing the world’s informal jobs is also likely to reverse in the coming years, according to the ILO.
The forecast for global employment is lower than the ILO’s previous estimate of 1.5% growth in 2023.
“Today’s slowdown means that Frall workers will have to accept jobs of lower quality, often with very low wages, sometimes with insufficient hours”, the ILO said. “Furthermore, as prices rise faster than nominal labor income, the cost-of-living crisis pushes more people into poverty.”
The situation could worsen further if the global economy slows down, the ILO added.
Source: News Beast
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