Pandemic to Postpone Recovery of Global Labor Market Until 2023

The global labor market will need more time to recover from the effects of the coronavirus crisis than previously thought and the unemployment will remain at pre-Covid levels at least until 2023 due to the uncertainties related to the development and duration of the pandemic, announced the International Labor Organization (ILO).

The new ILO report “World Employment and Social Outlook”, published on the organization’s website, projects that, this year, on the global level, 207 million people will be without a job, which is nearly 21 million more than in 2019, before the outbreak of the pandemic.

The overall number of working hours in 2022 will be nearly 2% below the pre-pandemic level, which is equivalent to a number of 52 million full-time jobs.

It is estimated that the global unemployment rate in 2022 would be 5.9%, whereas last year it was 6.2%. Previously, in 2020, the unemployment rate in the world was 6.6%, and in 2019 it was 5.4%.

It is added that the return of dignified work to the pre-pandemic levels will most likely remain unattainable for the majority of the world in the upcoming years.

International Labor Organization

ILO

dignified work

labor market

recovery

employment

pandemic

coronavirus

World Employment and Social Outlook