The International Labour Organisation (ILO) has released its World Employment and Social Outlook – Trends 2022 (WESO Trends) report. The report analyses comprehensive labour market projections for 2022 and 2023 and assesses how labour market recovery has unfolded worldwide. In the WESO 2022, ILO has downgraded its forecast for labour market recovery in 2022.
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Key figures of the report:
- The global unemployment level in 2022 is estimated at 207 million, compared to 186 million in 2019.
- Total working hours globally in 2022 is projected to be 2% below the pre-pandemic level, and that is equivalent to the loss of 52 million full-time jobs.
- The global labour force participation rate in 2022 is projected to remain 1.2 percentage points below that of 2019 before the novel coronavirus disease (COVID-19) pandemic began.
- In 2022 around 40 million people will no longer be participating in the global labour force.
- ILO states that there can be no real recovery from this pandemic without a broad-based labour market recovery.
Important takeaways for all competitive exams:
- International Labour Organisation Headquarters: Geneva, Switzerland;
- International Labour Organisation Director-General: Guy Ryder;
- International Labour Organisation Founder: Paris Peace Conference;
- International Labour Organisation Founded: 1919.
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