Global Unemployment Will Reach To 208 Mn By 2023: ILO

It is anticipated that global job growth would dramatically decelerate, falling from two per cent in 2022 to barely one per cent in the current year. The economic consequences of the conflict in Ukraine, high inflation, and more restrictive monetary policies have all had a negative impact on the countries, according to the International Labour Organisation (ILO).

On the other hand, it is anticipated that by 2023, there would be 208 million unemployed people worldwide. In contrast, the ILO predicted regarding the world trends that inflation would reduce real earnings.

At a time when many nations are still suffering from the economic blow of the worldwide pandemic and the coronavirus is ravaging China after Beijing loosened draconian lockdown restrictions, countries will experience a shortage of new jobs.

Richard Samans, Director of the ILO's Research Department and coordinator of its newly published report, said that they don't foresee the losses suffered during the Covid-19 crisis to be regained until 2025 due to the slowing in global employment growth.

As stated by the ILO, global progress toward reducing the prevalence of informal employment is also anticipated to reverse itself in the upcoming years.

The projection for worldwide employment is less optimistic than the previous ILO prediction of 1.5 per cent growth in 2023. It mentioned that due to the current slowdown, many people will have to take lower-quality positions that occasionally have insufficient hours and pay.

It added that furthermore, the cost-of-living crisis runs the risk of putting more people into poverty as prices rise faster than nominal labour incomes.

If the world economy weakens, the situation could get even worse, the ILO added.