International Labor Organization: Global employment growth will deteriorate significantly in the last quarter of 2022.

1 November, 2022
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International Labor Organization: Global employment growth will deteriorate significantly in the last quarter of 2022.

The International Labor Organization warned in a report that "according to current trends, global employment growth will deteriorate significantly in the last quarter of 2022."


In the face of this rapidly deteriorating situation, the organization's new director-general, Gilbert Hongbo, said that "more coordinated efforts at the national and international levels will be needed to address the deeply worrisome global labor market situation and prevent a major general downturn."

"Job creation and job quality are declining amid worsening energy and food security crises, rising inflation, tightening monetary policies and fears of an imminent global recession," the report added.

The organization also warned that "the available data indicate a sharp slowdown in the labor market," noting that at the beginning of this year, the world had begun to recover from the height of the epidemic and employment rates had returned to pre-pandemic levels or even exceeded them in most advanced economies. And that the rise was particularly evident in high-skilled jobs and among women, but it cautioned that it was also due to the increase in informal jobs that usually lack social protection.


According to the organization, the situation has worsened in recent months, as it estimates that the level of working hours was 1.5% less in the third quarter than it was before the pandemic, i.e. a shortfall of 40 million full-time jobs.


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