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.