A return to pre-pandemic global labor market performance seems unlikely in the coming years for much of the world, according to the International Labour Organization (ILO). According to the UN agency’s report, World Economic and Social Outlook – Trends 2022, global total hours worked this year would be over 2% lower than pre-pandemic levels, resulting in a deficit of 52 million full-time equivalent employment.
According to the estimate, worldwide unemployment would reach 207 million in 2022, surpassing the current level by 21 million. “While this figure is a significant improvement over 2021, when hours worked adjusted for population growth fell below their level in the fourth quarter of 2019 by the equivalent of 125 million full-time jobs (assuming a 48-hour work week), it remains exceptionally high,” according to the ILO research.
According to the ILO, full recovery will be difficult to achieve in all regions — Africa, the Americas, Arab States, Asia and the Pacific, and Europe and Central Asia – with the European and Pacific regions coming closest. Latin America, the Caribbean, and Southeast Asia have the most bleak economic prospects.
“Developing countries that rely on exports of labor-intensive goods or commodities have had a particularly difficult time adjusting to fluctuating demand caused by pandemic-related fluctuations in economic development.” Border restrictions and missed income are wreaking havoc on tourism-dependent economies, according to the report.
The lack of social security plans in developing economies has added to the financial stress caused by reduced revenues as a result of job loss and reduced working hours. It has repercussions in terms of health and nutrition. According to the estimate, 30 million more adults will be living in extreme poverty in 2020 due to a lack of paid job. Inflation has severely lowered discretionary income as a result of the slow and unpredictable recovery in global labor markets, adding to the cost of the crisis.
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