UN: Global Economic Slowdown Will Force More Into Lesser Paid Jobs

The United Nations has reported that the global economic shutdown will push workers to accept less paid and lower-quality jobs for 2023.

The United Nations International Labor Organization (ILO) has mentioned that with inflation and the cost-of-living crisis, unemployment is expected to rise internationally.

According to the ILO,  the decent work deficit is aggravated by several crises such as the pandemic recovery, supply chain disruption, geopolitical tensions, and the Russia – Ukraine war.

As stated in the ILO’s World Employment and Social Outlook report, “Together, these have created the conditions for stagflation — simultaneously high inflation and low growth — for the first time since the 1970s,”

Gilbert Houngbo, ILO Director General, has mentioned that the pandemic recovery was fragmented in low and middle-income countries.

“Projections of a slowdown in economic and employment growth in 2023 imply that most countries will fall short of a full recovery to pre-pandemic levels in the foreseeable future,”

“Worse still, progress in labor markets is likely to be far too slow to reduce the enormous decent work deficits that existed prior to, and were exacerbated by, the pandemic.”

Last year, global employment increased by 2.3% and is predicted to expand by 1% by 2023 which would translate to over 3.4 billion people with jobs.

According to ILO Research Chief Richard Samans, “The slowdown in global employment growth means that we don’t expect the losses incurred during the Covid-19 crisis to be recovered before 2025,”

For 2023, global unemployment is expected to hit 208 million people or an unemployment rate of 5.8%.

Source: Inquirer