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At
the same time, the number of unemployed people in the world is
expected to rise by 3 million to 208 million in 2023, while
inflation will eat into real wages, the ILO said in a report on
global trends.
The scarcity of new jobs will hit countries at a time when many
are still recovering from the economic shock of the global
pandemic and the coronavirus is tearing through China after
Beijing lifted tight lockdown restrictions.
"The slowdown in global employment growth means that we don't
expect the losses incurred during the COVID-19 crisis to be
recovered before 2025," said Richard Samans, Director of the
ILO's Research Department and coordinator of its newly published
report.
Progress in reducing the number of informal jobs in the world is
also likely to be reversed in the coming years, the ILO said.
The global jobs forecast is lower than the previous ILO estimate
of 1.5% growth for 2023.
"The current slowdown means that many workers will have to
accept lower quality jobs, often at very low pay, sometimes with
insufficient hours," ILO said. "Furthermore, as prices rise
faster than nominal labour incomes, the cost-of-living crisis
risks pushing more people into poverty."
The situation could worsen further if the global economy slows
down, ILO added.
(Reporting by Matthias Williams in London and Gabrielle Tétrault-Farber
in Geneva; Editing by Toby Chopra)
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