The growth of jobs in the world will be halved – the ILO forecast
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Global employment growth will slow sharply to 1% this year compared to 2% in 2022 due to the economic consequences of the war in Ukraine, high inflation and tightening of monetary policy. This is reported by Reuters with reference to the International Labor Organization (ILO).
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What is known
The number of unemployed in the world will increase by 3 million to 208 million in 2023, and real wages will be eaten up by inflation, according to the ILO report on global trends.
A shortage of new jobs will hit countries, while many of them are still recovering from the economic shock caused by the global pandemic, and the coronavirus is bubbling again in China.
“The slowdown in global employment growth means that we do not expect the losses caused by the COVID-19 crisis to be recovered by 2025,” said Richard Samans, director of the ILO’s Research Department and coordinator of its recently published report.
The ILO said that in the coming years, progress in reducing the number of informal workplaces in the world will probably be lost. The global employment forecast is below the ILO’s preliminary estimate of 1.5% growth by 2023.
“The current recession means that many workers will have to settle for low-quality work, often with very low wages,” says the ILO. “In addition, since prices are growing faster than nominal labor incomes, the crisis in the cost of living risks leading more people to poverty.”
The situation may worsen even more if the world economy slows down, the ILO added.
Author: 
News feed editor Anna Nedogybchenko. She writes on the following topics: Finance, banks, economy, investments
Source: Ministry of Finance
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