International Labour Organization (ILO) says global employment growth will slow sharply to 1% this year compared to 2% in 2022, and the number of unemployed people in the world is expected to rise by 3 million to 208 million in 2023.
"The slowdown in global employment growth means that we don't expect the losses incurred during the COVID-19 crisis to be recovered before 2025," said Richard Samans, Director of the ILO's Research Department.
The ILO’s global jobs forecast is lower than its previous estimate of 1.5% growth for 2023. "The current slowdown means that many workers will have to accept lower quality jobs, often at very low pay, sometimes with insufficient hours," ILO said. "Furthermore, as prices rise faster than nominal labour incomes, the cost-of-living crisis risks pushing more people into poverty."
