The International Labor Organization (ILO) expects the number of unemployed worldwide to fall by one million in 2023 after initially forecasting an increase, according to a report published this Wednesday.
“According to the latest ILO estimates, world unemployment should fall by 0.1 percentage point” to 5.3%, the Geneva-based organization said.
The number of people without a job should rise from 192 million in 2022 to 191 million in 2023, while the ILO predicted an increase of three million unemployed even in January.
Despite the positive surprise brought by this review, “the situation reflects a stronger than expected resilience of high-income countries rather than a general recovery,” the ILO said.
Some regions of the world, mainly lower-income countries, have still not reduced unemployment rates to 2019 levels, before the Covid-19 pandemic.
This is the case in North Africa (11.2% expected unemployment in 2023 against 10.9% before), Sub-Saharan Africa (6.3% against 5.7%) or even in Arab countries (9.3% against 8.7%).
“Many developing countries are lagging far behind catching up” in post-pandemic employment, Mia Seppo, deputy director-general for employment and social protection at the ILO, said at a news conference.
These states, “which already have the most vulnerable people,” face a combination of challenges, including “high inflation, high interest rates and an increased risk of debt burden,” he added.
On the contrary, “other regions of the world, such as Latin America, the Caribbean, Northern, Western and Southern Europe and Central and Western Asia, managed to reduce (unemployment) rates to lower levels than before the crisis,” noted the ILO. .
Countries where the unemployment rate has not fallen to 2019 levels, especially the most indebted countries, “urgently need international support (…) and multilateral coordination to combat persistent employment shortages and growing inequality” said the ILO.
Source: DN
