World Employment and Social Outlook Report released

Highlights:

  • The International Labour Organisation (ILO) released its report titled “World Employment and Social Outlook”. 
  • In the report, ILO has projected global unemployment of 207 million in 2022.
  • Global unemployment will reach to 207 million in 2022. 
  • It is almost 21 million more than 2019.
  • Total hours worked in 2022 will be about 2% below than the pre-pandemic level.
  • There will be deficiency of 52 million full-time equivalent jobs in 2022.
  • The 2022 outlook represents a substantial deterioration as compared to outlook in June 2021. 
  • In June 2021, shortfall in working hours relative to fourth quarter of 2019 was projected to decrease to less than 1% in 2022.
  • According to ILO, every new covid-19 outbreak brings setbacks. 
  • Many gains in decent work prior to pandemic have been significantly impacted upon. 
  • Pre-existing decent work deficits are decreasing the prospects of sustainable recovery across several regions.
  • As per ILO report, since the onset of recovery, employment growth trends in low-income and middle-income countries have remained below to trends in richer economies because of lower vaccination rates and tighter fiscal space in developing countries.
  • Developing nations experienced a higher level of inequality, weaker social protection systems and more divergent working conditions.
  • Projections to 2023, for all regions, suggests that a full recovery will remain elusive. 
  • All regions are likely to face severe downside risks in their labour market recovery because of ongoing impact of the pandemic.
  • ILO is a United Nations agency, that advances social and economic justice by setting international labour standards, established in October 1919, under the League of Nations. 
  • It is the first and oldest specialised agency of the UN having187 member states. 
  • Its headquartered is in Geneva, Switzerland.