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World Employment and Social Outlook Trends

20th January, 2022

Figure 3: No Copyright Infringement Intended

 

Context:

  • Recently, the International Labour Organisation (ILO) released a report titled World Employment and Social Outlook - Trends (WESO Trends) 2022.

 

Findings of the Report

Unemployment:

  • Global employment is estimated to be at 207 million in 2022 compared to 186 million in 2019.

Global Working Hours:

  • In 2022, working hour loss is equivalent to the loss of 52 million fulltime jobs.

Global Labour Force Participation:

  • Around 40 million people will no longer be participating in the global labour force in 2022.

Regional differences:

  • The impact was particularly severe for developing countries, which had already experienced higher levels of inequality, more diverse working conditions and weaker social protection systems prior to the pandemic.
  • Many low- and middle-income countries have little access to vaccines and have limited room to increase government budgets to deal with the crisis.

Significantly different effects:

  • The report warns that there are wide disparities in the impact of the crisis on workers and various groups of countries-while deepening inequality within and between nations, almost regardless of the level of development.
  • It weakens the economic, financial and social structure of all states.
  • Damage can take years to repair and can have long-term implications for the workforce, household income, social and, in some cases, political cohesion.

Various sectors:

  • Some sectors, such as travel and tourism, were hit particularly hard, while others, such as information technology, thrived.

Impact on women and the young population:

  • Women have been hit harder than men by the labor market crisis, and this may continue.
  • The closure of education and training institutions has long-term implications for young people, especially those who do not have access to the Internet.

Expected recovery:

  • Sustainable recovery is possible, but it must be based on decent work principles that include health and security, fairness, social protection and social dialogue.
  • Forecasting new labor markets can be important for policymaking in countries like India, where most jobs are informal, to prevent further unemployment and shorter working hours.