World Employment and Social Outlook Report
The International Labour Organisation (ILO) released its report titled “World Employment and Social Outlook”. In the report, ILO has projected global unemployment of 207 million in 2022.
Key findings of the report
- Global unemployment will reach to 207 million in 2022. It is almost 21 million more than 2019.
- Total hours worked in 2022 will be about 2% below than the pre-pandemic level.
- There will be deficiency of 52 million full-time equivalent jobs in 2022.
Comparison with 2021 outlook
The 2022 outlook represents a substantial deterioration as compared to outlook in June 2021. In June 2021, shortfall in working hours relative to fourth quarter of 2019 was projected to decrease to less than 1% in 2022.
Impact of new outbreak
According to ILO, every new covid-19 outbreak brings setbacks. Many gains in decent work prior to pandemic have been significantly impacted upon. Pre-existing decent work deficits are decreasing the prospects of sustainable recovery across several regions.
Employment Growth Trend
- As per ILO report, since the onset of recovery, employment growth trends in low-income and middle-income countries have remained below to trends in richer economies because of lower vaccination rates and tighter fiscal space in developing countries.
- Developing nations experienced a higher level of inequality, weaker social protection systems and more divergent working conditions.
Projections to 2023
Projections to 2023, for all regions, suggests that a full recovery will remain elusive. All regions are likely to face severe downside risks in their labour market recovery because of ongoing impact of the pandemic.
International Labour Organization (ILO)
ILO is a United Nations agency, that advances social and economic justice by setting international labour standards. It was established in October 1919, under the League of Nations. ILO is the first and oldest specialised agency of the UN. It has 187 member states. 186 are among 193 UN member states and the Cook Islands. Its headquartered is in Geneva, Switzerland as well as 40 field offices worldwide.
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