ILO'S WORLD EMPLOYMENT AND SOCIAL OUTLOOK

ILO'S WORLD EMPLOYMENT AND SOCIAL OUTLOOK

Context:

On 17 January 2022, the International Labor Organization (ILO) released a report titled "World Employment and Social Outlook."

Important report findings:

• In the report, the ILO highlighted 207 million global unemployment by 2022. It is 21 million more than in 2019.
• The total hours worked in 2022 will be about 2% below the pre-pandemic rate.
• There will be a shortage of 52 million full-time jobs by 2022.
• The 2022 outlook represents a significant decline compared to June 2021. In June 2021, projected the working hours were short compared to the fourth quarter of 2019 to fall below 1% by 2022.

ILO's take on Covid-19:

• According to the ILO, all new covid-19 outbreaks bring setbacks.
• Decent work before the pandemic has had a significant impact on it. The lack of decent work previously existed reduces the chances of a sustainable recovery in many regions.

ILO's on Employment Growth Trend:

• According to the ILO, since the onset of recovery, job growth trends in low- and middle-income countries have remained subject to rich economic trends due to low vaccination rates and solid financial positions in developing countries.
• Developing countries have experienced high levels of inequality, weak social security systems, and highly diverse working conditions.

Forecasts for 2023:

• Projections to 2023 suggest that a full recovery will remain elusive for all regions.
• All regions are likely to face severe risks in their labour market due to the ongoing impact of the pandemic.

International Labor Organization (ILO):

• The ILO is a United Nations organization, which promotes social and economic justice by setting international standards for labour.
• It was established in October 1919 under the auspices of the United Nations.