ILO Report Says Global Employment Rate Will Reduced To One Percent From 1.5 Percent In 2023 Due To Challenges

Employment Rate: The shadow of recession is deepening in the world and many global companies have shown the way out to their employees. Due to this, the question is being raised whether now the process of hiring in companies will also slow down as the signs are visible on the global front. In such a situation, such a report has come, due to which the clouds of crisis on the front of jobs are seen deepening all over the world.

Report released by International Labor Organization

The International Labor Organization or International Labor Organization has said that there is a possibility of slowing down in the growth of global employment and it is likely to grow at a rate of only 1 percent in the year 2023. This rate was a total of 2 percent in the year 2022. The main reasons behind the global job crisis are the economic conditions created by the ongoing war in Ukraine, high inflation and tight monetary policies.

The number of unemployed will increase

The International Labor Organization said in a report released on Global Trends that in 2023 the total number of unemployed people in the world will increase by 3 million to reach 208 million people.
Due to inflation, the real allowances of the people will also be affected and due to this, the income of the people will also decrease.

Problems will also increase if the covid period continues in China

Conditions regarding people’s jobs will remain unfavorable and the situation in China is very bad at this time. There the Covid crisis is not over yet and the lockdown is being lifted slowly but the economic environment is quite uncertain. The changes in the scenario of jobs during the global Corona crisis are not being corrected yet.

The situation regarding jobs will be scary – ILO

Co-ordinator of the ILO Research Department and its latest published reports Richard Simmons Says that the damage caused due to the Kovid crisis is not expected to improve before the year 2025. The estimates of global recession and global unemployment rate are clearly indicating this. Apart from this, the ILO report is also indicating that the situation of informal jobs may reverse in the coming years. The ILO had earlier estimated the employment rate to be 1.5 per cent for the year 2023, but in the latest report it has been reduced to 1 per cent, which shows how dire the situation can be.

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