Global job growth is expected to slow to 1% this year, less than half the 2022 level, due to the effects of the war in Ukraine on the economy, high inflation and the tightening of monetary policies by the central banks, says the International Labor Organization (ILO). ) in its latest report released Monday. The Geneva-based organization previously forecast employment growth of 1.5% by 2023.
The number of unemployed is expected to increase slightly by three million in 2023 to reach 208 million, which would bring the global unemployment rate to 5.8%, the ILO says in its report.
An upcoming return to “informal” jobs
The progress achieved in reducing the number of “informal” jobs, that is, most of the time without job guarantees, with low wages and without social protection, is also likely to be reversed in the coming years, according to the ILO. “The current downturn in the global economy risks forcing more workers into precarious, low-quality and poorly paid jobs that lack social protection, thus exacerbating inequalities exacerbated by the COVID-19 crisis”, perhaps we read in the report.
The situation could get even worse if the global economy slows down, adds the ILO.
Source: BFM TV
