Search
Close this search box.
Search
Close this search box.

Global Unemployment to Reach 207 Million in 2022: ILO

worker

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.

Apart from this, you can also read EntertainmentTech, and Health-related articles here: SmallPDFDramacoolSquid Game Season 2Joe Biden net worthCrackstreamThe Matrix 4GokuKung Fu Panda 4Leonardo DiCaprio net worthDiabolik Lovers Season 3Twitch Error 2000Alyson HanniganBrent Rivera net worthEmma Watson net worth444 angel number666 angel number1616 angel number777 angel number333 angel numberDave Portnoy net worthMessi net worthKeanu Reeves net worthThe Equalizer 3The 100 Season 8Gina Carano net worthBruno Mars net worthKissAnimeJim Carrey net worthPDF DriveYoutbeBailey Sarian Net WorthBollyshareAfdahMoviezwapY8JalshamoviezProject Free TVKissasianMangagoJio RockersM4uHDHip dipsM4ufreeNBAstreams XYZCCleaner Browser reviewAvocado CaloriesBear Grylls net worthHighest Paid CEOThe 100 season 8Sundar Pichai net worthGrimes net worth, and, F95Zone.


Subscribe to Our Newsletter

Related Articles

Top Trending

Top Vegetarian Destinations
Top Veggie Paradises: Discover the World's Best Vegetarian Destinations
Female Pokemon Characters
A Complete List of 30 Top Female Pokemon Characters in the Universe
skylene montgomery age
Skylene Montgomery Age: Everything You Need to Know About Sean Payton's Wife
Disney Plus Hulu Merge Streaming Service
Disney Plus & Hulu Merger: More Than Just a Streaming Bundle
Elden Ring Endings Explained
Elden Ring Endings Explained: A Comprehensive Guide in 2024

LIFESTYLE

Tips to Help You Find Confidence
Five Quick Tips to Help You Find Confidence
Top Countries Where Weddings Cost a Fortune
Top Countries Where Weddings Cost a Fortune: A Global Ranking
Why Finland world Happiest Country
Unveiling the Secrets: Why Finland is the World's Happiest Country?
paul giamatti weight loss
The Ultimate Guide to Paul Giamatti's Impressive Weight Loss Journey
Best-Selling Perfumes in History
Discover the Best-Selling Perfumes in History: Timeless Fragrances

Entertainment

Female Pokemon Characters
A Complete List of 30 Top Female Pokemon Characters in the Universe
Disney Plus Hulu Merge Streaming Service
Disney Plus & Hulu Merger: More Than Just a Streaming Bundle
Elden Ring Endings Explained
Elden Ring Endings Explained: A Comprehensive Guide in 2024
meteorite staff elden ring location
Ultimate Guide to Finding the Meteorite Staff Location in Elden Ring
did joni lamb remarry
Did Joni Lamb Remarry According to Biblical Principles?

GAMING

Elden Ring Endings Explained
Elden Ring Endings Explained: A Comprehensive Guide in 2024
meteorite staff elden ring location
Ultimate Guide to Finding the Meteorite Staff Location in Elden Ring
isolated divine tower elden ring
How to Solve the Mystery of the Isolated Divine Tower Elden Ring
Casino Books to Keep You Hooked
Casino Books to Keep You Hooked!
AI for Competitive Advantage in iGaming
Leveraging AI for Competitive Advantage in iGaming

BUSINESS

bill gates india global advancement
Bill Gates Highlights India as Crucial to Worldwide Advancement
Rafaela Nonnenmacher Bundchen
Rafaela Nonnenmacher Bündchen: The Youngest of Gisele Bündchen's Siblings
Chiefs Owner Net Worth
Chiefs Owner Net Worth Breakdown in 2024 [Latest Update]
Bitcoin Holding Despite Low Activity
Bitcoin's Standstill: Low On-Chain Activity Yet No Rush to Sell, Says Analyst
Reddit AI User Data Stock Soar
Unlocking Reddit's Success: How AI Data Boosted Its Stock?

TECHNOLOGY

How Many Wheels Are There in the World
How Many Wheels Are There in the World? The Ultimate Investigation
Ideas for QR Codes
Creative Design Ideas for QR Codes
Saudi-Owned Moroccan Plant's $47M Breakdown
Solar Power Setback: Saudi-Owned Moroccan Plant's $47M Breakdown
Building Blocks
Exploring Multichain Future: The New Era of Blockchain Building Blocks
Apple Partners with Baidu for AI Solutions
Apple Partners with Baidu for AI Solutions: Inside the Tech Giant's Move

HEALTH

Top Vegetarian Destinations
Top Veggie Paradises: Discover the World's Best Vegetarian Destinations
brandon and mary
The Misconceptions Surrounding Brandon and Mary's Health Announcement
Luxury Depression Treatment
7 Reasons to Opt for Luxury Depression Treatment and How to Choose One?
Best Travel Jobs
11 Best Travel Jobs to Consider in 2024
Tips to Help You Find Confidence
Five Quick Tips to Help You Find Confidence