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Global Unemployment Rate To be 5.7% in 2022; No recovery in global jobs till 2023: ILO’s WESO Trends 2021

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Global unemployment rate will be 5.7% in 2022On June 2, 2021, International Labour Organisation(ILO) released a report titled “World Employment and Social Outlook: Trends 2021(WESO Trends 2021)” stating global unemployment rate will be 5.7% in 2022, 6.3% in 2021 & there will no recovery in global jobs until 2023.

Note – Global Unemployment Rate was 5.4% in 2020.

Key Findings:

i.There will be 205 million unemployed people around the world in 2022, which is higher than the pre Covid numbers of 187 million in 2019.

ii.Job Gaps will be 75 million in 2021 & will fell to 23 million in 2022.Similarly Job Gaps and Reduced working will amount to the equivalent of 100 million full-time jobs in 2021 and 26 million full-time jobs in 2022.

iii.Gender Based Findings: In 2020 Men’s Employment rate declined by 3.9%, whereas women’s employment declined by 5%. Youth employment rate fell by 8.7% & Employment rate of Adults fell by 3.7%.

iv.Sector Wise Report:Women, young people and the 2 billion people working in informal sectors have been hardest hit, with 108 million more workers worldwide now categorized as poor or extremely poor compared to 2019.

v.The worst affected regions in the first half of 2021 have been Latin America and the Caribbean, and Europe and Central Asia.

UN Target:

United Nation Sustainable Development Goal(UNSDG) has set a target of eradicating poverty by 2030. 5 years of progress towards the eradication of working poverty have been undone rendering the achievement of UN SDG.

But due to the Covid-19 Pandemic, additional 108 million workers worldwide are now categorized as poor or extremely poor.

About International Labour Organisation(ILO):

Director-General – Guy Ryder
Headquarter – Genèva, Switzerland
Member Countries – 187 Countries
Established – 1919