Global unemployment to reach 207 mn in 2022 – ILO report

SWITZERLAND: Global unemployment is expected to remain above pre-COVID-19 levels until at least 2023 and is estimated at 207 million this year, almost 21 million more than in 2019, according to a report from the International Labour Organisation that gives assessments on how labour market recovery has unfolded worldwide.

The Geneva-based United Nations agency has downgraded its forecast for labour market recovery in 2022, projecting a deficit in hours worked globally equivalent to 52 million full-time jobs, relative to the fourth quarter of 2019. The previous full-year estimate in May 2021 projected a deficit of 26 million full-time equivalent jobs. While this latest projection is an improvement on the situation in 2021, it remains almost two per cent below the number of global hours worked pre-pandemic, according to the ILO World Employment and Social Outlook – Trends 2022 report.

The report warns of slow and uncertain recovery as the pandemic continues to have a significant impact on global labour markets.

Global unemployment is expected to remain above pre-COVID-19 levels until at least 2023. The 2022 level is estimated at 207 million, compared to 186 million in 2019, the report said. The report warns of the stark differences in the impact the crisis is having across groups of workers and countries. The European and the North American regions are showing the most encouraging signs of recovery, while South-East Asia and Latin America and the Caribbean have the most negative outlook, it said.

– THE NEW INDIA EXPRESS