According to the International Labor Organization (ILO), Global employment is expected to grow by just one percent in 2023, which is less than half of the previous year’s level.
The number of unemployed worldwide is also expected to rise slightly to 208 million.
According to the ILO, this equates to a global unemployment rate of 5.8 percent – or 16 million people Report on global employment and social prospects.
Less pay, fewer hours
The UN report warns that today’s economic slowdown “means many workers have to accept Lower quality jobs, often with very low pay, sometimes with insufficient hours“.
This is likely already the case in Europe and other developed countries, thanks to the Ukraine war and the ongoing disruption to global supply chains, both of which counteract the robust stimulus packages implemented to weather the crisis COVID-19 Crisis.
“We expect real wages for 2022 in the advanced countries fell by 2.2 percent and of course Europe accounts for a significant proportion of advanced countries, in contrast to real wage growth in developing countries,” said Richard Samans, Director of Research at the ILO.
setback of the informal economy
An equally worrying development is the likelihood that efforts to help the world will be thwarted two billion informal workers enter the formal employment sector so that they can benefit from social protection and training opportunities.
“While we observed a five percentage point decline in informal incidence globally between 2004 and 2019, it is very likely that this progress will be reversed in the coming yearssaid Manuela Tomei, ILO Deputy Director-General for Governance, Rights and Dialogue.
This is because the employment recovery “is very heavily biased toward informal jobs, particularly in developing countries,” Ms Tomei told journalists in Geneva.
A man works in a factory in Dar Es Saalam.
SDG on poverty at risk
The ILO report warned that the cost-of-living crisis risks pushing more people into poverty as prices rise faster than wages. This trend comes on top of significant income declines during the COVID-19 crisis, which has hit low-income groups hardest in many countries.
Some 214 million workers live in extreme poverty today, “in other words, at $1.90 a day,” Ms. Tomei explained. Although significant progress has been made in poverty reduction over the past few decades, “many of those gains” have been wiped out by the impact of the coronavirus and the ongoing economic crisis, the ILO official said.
“That’s the way it is rather unlikely that by 2030 the very ambitious goal of eradicating poverty in all its forms will be achieved.”
The report also calculates the size of the The global job gap is projected to be 473 million in 2022.
This is around 33 million more than in 2019 and is defined as a measure of the number of unemployed, including those who are looking for employment but are not actively looking for a job, either because they are discouraged or because they have other responsibilities such as caring responsibilities .
overlook women
From a gender perspective, the unequal development of the global labor market remains a concern, said the ILO’s Ms Tomei.
“Serious gender gaps in labor force participation, pay and social protection persist…There are 290 million young people who are not employed, in education or training, and young women are much worse off.”
A woman works in a factory in Albania.
