Lagos, Jan. 19, 2022 – The International Labour Organisation (ILO) says global unemployment rate will rise by 5.8 per cent in 2023.
A new report by ILO on ‘World Employment and Social Outlook: Trends 2023 (WESO Trends) published on its website, reported this.
It also projected that global employment growth would be only 1.0 per cent in 2023 which will be less than half the level in 2022.
ILO said that the moderate size of this projected increase would largely be due to tight labour supply in high-income countries.
“This would mark a reversal of the decline in global unemployment seen between 2020 and 2022.
“It means that global unemployment will remain 16 million above the pre-crisis benchmark (set in 2019),” the report said.
The report also said that global economic slowdown would likely force more workers to accept lower quality, poorly paid jobs which lack job security and social protection.
It said the situation would also accentuate inequalities exacerbated by the COVID-19 crisis and that in addition to unemployment, job quality remained a key concern, adding that decent work is fundamental to social justice.
ILO said that a decade of progress in poverty reduction faltered during the COVID-19 crisis.
“The current slowdown means that many workers will have to accept lower quality jobs, often at very low pay, sometimes with insufficient hours.
“Furthermore, as prices rise faster than nominal labour incomes, the cost-of-living crisis risks pushing more people into poverty,” ILO reported. (GBN)
