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Global Unemployment Rate to Rise by 5.8% in 2023 –ILO

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The International Labour Organisation (ILO) says the global unemployment rate will rise by 5.8 percent in 2023.

This is contained in a new ILO report, “World Employment and Social Outlook: Trends 2023 (WESO Trends), published on its website. 

It also projects that the global employment growth would be only 1.0 percent in 2023, less than half the level in 2022.

“The moderate size of this projected increase is largely due to tight labor supply in high-income countries.

“This would mark a reversal of the decline in global unemployment seen between 2020 and 2022.

“It means that global unemployment will remain 16 million above the pre-crisis benchmark (set in 2019),” it said.

The report adds that the global economic slowdown was likely to force more workers to accept lower quality, poorly paid jobs that lack job security and social protection.

It says the situation would also accentuate inequalities exacerbated by the COVID-19 crisis.

In addition to unemployment, job quality remains a key concern.

The continuing shortage of better job opportunities is likely to worsen, according to the report.

It put the global jobs gap at 473 million in 2022, around 33 million above the 2019 level.


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