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.
