Global economic slowdown hits job growth

The slowdown in economic expansion could exacerbate the challenges facing the world’s workers, according to the International Labor Organization (ILO).

Employment levels cancel just 1% this year, down from 2.3% in 2022, and “there will be no major improvements” in 2024, the Geneva-based organization said in a report on Monday.

The ILO hopes that the global jobs deficit to continue to rise in 2023, from 41 million last year. Total unemployment will probably reach 208 millionwhat corresponds to a unemployment rate of 5.8%.

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“For the foreseeable future, most countries will not achieve a recovery to pre-pandemic levels,” said ILO Director-General Gilbert Houngbo. “Worse, it is likely that progress in labor markets are too slow to reduce the huge decent work deficits that existed before the pandemic and were exacerbated by it.”

income vs inflation

The result could be that workers, whose incomes have already shrunk in the face of skyrocketing inflationare forced to accept jobs of lesser quality than they could enjoy in better economic conditions.

Houngbo urges governments to take coordinated action to address the lack of access to employmentpoor quality of work, insufficient pay and other inequalities.

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