ILO: The Global Job Market Will Not Recover From The Pandemic Until at Least 2023

The International Labor Organization said that at least 220 million people are expected to remain unemployed globally this year, well above pre-pandemic levels, in light of a weak recovery in the labor market.
exacerbates the current disparity.

The United Nations organization expects an improvement to drop the number to 205 million unemployed next year, but a level still higher than the 187 million recorded in 2019 before the great damage caused by the Coronavirus crisis.

According to ILO models, this is comparable to a global unemployment rate of 6.3% for this year, falling to 5.7% next year, although it remains higher than the pre-pandemic rate of 5.4% in 2019.

“Employment growth will be insufficient to offset losses incurred until at least 2023,” the organization said in a report on World Employment and Social Prospects in 2021.

The organization estimated that hourly losses in 2020 compared to 2019 equate to as many as 144 million full-time jobs in 2020, and a deficit that remains at 127 million jobs in the second quarter of the year.

The report indicated that women, youth, and the two billion people working in the informal sectors are the most affected, as the number of workers around the world who are classified as poor or extremely poor is currently increasing by 108 million compared to 2019.