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Employment Opportunities to go Down In 2023; Nearly 21 Crore May Become Jobless: Report
The ILO report stated that the number of unemployed people in the world is expected to rise by 3 million (30 lakh) to 208 million (20.8 crore) in 2023--an increased unemployment rate of 5.8%, while inflation will eat into real wages.
New Delhi: The United Nations in its latest report has given a negative prediction about employment opportunities in 2023. The International Labour Organization (ILO) has predicted a massive rise in the unemployment rate this year. The ILO in its report said the growth is expected to slow down sharply to 1% this year due to the economic fallout of the war in Ukraine, high inflation, and tighter monetary policy. Notably, the latest job forecast by the ILO is lower than its previous estimate of 1.5% growth for 2023.
The ILO report stated that the number of unemployed people in the world is expected to rise by 3 million (30 lakh) to 208 million (20.8 crore) in 2023–an increased unemployment rate of 5.8%, while inflation will eat into real wages.
“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,” Live Mint quoted Richard Samans, Director of the ILO’s Research Department, as saying.
The ILO report further stated that as prices rise faster than nominal labour incomes, a crisis related to the cost of living will develop, and will push more people into poverty. It said the situation could worsen further if the global economy slows down.
Giving details, ILO Director-General Gilbert Houngbo said the recovery from the Covid pandemic was particularly patchy in low- and middle-income countries and was further hampered by climate change and humanitarian challenges.
The ILO said the present slowdown means that many workers will have to accept lower quality jobs, often at very low pay, sometimes with insufficient hours and added that people aged 15 to 24 were facing “severe difficulties” in finding and keeping decent employment.
Having said so, the ILO called for an investment surge in education and training, saying two-thirds of the global youth labour force was “without a basic set of skills”, which limited their job prospects and pushed them into lower-quality work.
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