International Labor Organization predicts a worsening situation for workers in 2023
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Today, January 16, the International Labor Organization (ILO) published annual report on trends in the global labor market. According to her forecasts, in 2023 employment in the world will grow by only 1%, that is, half as much as a year earlier (an increase of 2.3%). Growth will be weak and in 2024 – by 1.1%. The number of unemployed in 2023, according to ILO forecasts, will increase by 3 million, to 208 million people, thus the unemployment rate will be 5.8%.
The authors of the study note that in the context of an economic slowdown and instability, an increasing number of people will have to accept “less quality” work with worse pay and less attractive conditions (without social security guarantees and so on), which will increase inequality in this area. The ILO also notes that in the context of inflation and “in the absence of a corresponding increase in wages, the cost of living crisis threatens households and may lead to a reduction in aggregate demand” – real wages will fall. The report says that since the onset of the COVID-19 pandemic, the share of informal employment has risen, as has the number of working poor, which began to improve in 2021, but now it is likely to worsen again.
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