Economic slowdown will force more workers into low-paying, low-quality jobs

An economic slowdown in 2023 could force workers to accept low-quality, low-paying jobs that lack job security and social protection. this is, International Labor Organization (ILO) Global Employment and Social Outlook: 2023 Trends report.

The report says the COVID-19 pandemic and accompanying economic crisis have had a major impact on global labor markets, leading to increased unemployment and reduced job security for many workers. The economic slowdown in 2023 is expected to continue to affect the labor market, with workers facing increased competition for jobs and lower wages. In addition, many workers are forced to accept jobs with low wages and sometimes inadequate hours.

The report highlights the disproportionate impact of the economic crisis on certain groups such as women and young workers. Women are said to be particularly affected by the crisis, with many jobs lost in sectors such as retail and hospitality that have been hit hard by the pandemic. Young workers are also affected, with many facing reduced job opportunities.

Moreover, an economic slowdown is likely to lead to rising inequality, with workers with lower levels of education and skills likely to be hit hardest. “This will exacerbate existing inequalities and further marginalize certain groups in the labor market,” the report said.

The report finds that the global employment gap index, a measure that takes into account not only the unemployed, but also those who want employment but are not actively seeking it due to discouragement or other responsibilities. Introduced. The global employment gap in 2022 will be 473 million, about 33 million higher than in 2019.

The economic slowdown in 2023 is also likely to have a long-term impact on the labor market, with many workers facing fewer job opportunities and lower wages over the next few years. ILO Research Director Richard Samans says slowing global employment growth means he is not expected to recover the losses suffered during the pandemic by 2025.

“The slowdown in productivity growth is also a major concern, as productivity is essential to addressing the interlinked crises we face in purchasing power, ecological sustainability and human well-being.” Richard Samans says.

The ILO report concludes by calling on governments to take action to support workers and mitigate the effects of the economic crisis. This includes providing targeted support to those most affected by the crisis, such as women and young workers, and providing education and training to help workers adapt to changing labor markets. includes investment in

There is wide variation in the 2023 labor market outlook for the regions identified in the report. In 2023, African and Arab countries should see job growth of around 3% or more, but unemployment is expected to fall only marginally. Annual employment growth is projected to be around 1% in Asia and the Pacific, Latin America and the Caribbean. North America sees little to no job growth and unemployment increases. In Europe and Central Asia, the economic impact of the Russian-Ukrainian war will be particularly severe, with job losses projected to rise but unemployment rates to rise slightly as working-age population growth is limited.

ILO Director-General Gilbert F. Hombo says the need for decent work and social justice is clear and urgent.

“But to address these multiple challenges, we need to work together to create a new global social contract. In 2020, we will campaign for a global coalition for social justice.”

web staff