The International Labor Organization (ILO) forecasts for the global labor market affected by the pandemic are ominous coronavirus. As he points out, its recovery is not foreseen at least until 2023.
At least 220 million people are expected to be unemployed worldwide this year, far more than pre-pandemic levels, with a weak labor market recovery exacerbating existing inequalities.
The United Nations has forecast an improvement in the outlook for the 205 million unemployed next year, again well above the 187 million recorded in 2019 before the coronavirus crisis that wreaked havoc.
According to ILO models and as broadcast by the Athens News Agency, this equates to a global unemployment rate of 6.3% this year, falling to 5.7% next year and higher than the pre-pandemic rate of 5.4% in 2019 .
«Employment growth will not be enough to offset the losses recorded at least until 2023“, Said the ILO in its report entitled” Global Employment and Social Perspectives: Trends 2021 “.
In an interview with Reuters, Stephen Cowen, an ILO economist and lead author of the report, said the real impact on the labor market was even greater given the reduced working hours imposed on many workers and many other factors.
The authors of the report estimated that the loss of working hours in 2020 compared to 2019 corresponded to the equivalent of 144 million full-time jobs in 2020, a deficit that stands at 127 million in the second quarter of this year.
«Unemployment does not capture the impact on the labor market“While recruitment in the United States has resumed after massive job losses, many workers elsewhere, mainly in Europe, have remained in part-time programs,” Cohen said.
Women, young people and the 2 billion people employed in the informal economy are the hardest hit, with 108 million more workers now being categorized as poor or extremely poor compared to 2019, the ILO said.
“Five years of progress in eradicating worker poverty have been canceled,” the report said.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
