World Employment and Social Outlook Report

The International Labour Organisation (ILO) released its report titled “World Employment and Social Outlook”. In the report, ILO has projected global unemployment of 207 million in 2022.

Key findings of the report

• Global unemployment will reach to 207 million in 2022. It is almost 21 million more than 2019.
• Total hours worked in 2022 will be about 2% below than the pre-pandemic level.
• There will be deficiency of 52 million full-time equivalent jobs in 2022.

Comparison with 2021 outlook

The 2022 outlook represents a substantial deterioration as compared to outlook in June 2021. In June 2021, shortfall in working hours relative to fourth quarter of 2019 was projected to decrease to less than 1% in 2022.

Impact of new outbreak

According to ILO, every new covid-19 outbreak brings setbacks. Many gains in decent work prior to pandemic have been significantly impacted upon. Pre-existing decent work deficits are decreasing the prospects of sustainable recovery across several regions.

Employment Growth Trend

• As per ILO report, since the onset of recovery, employment growth trends in low-income and middle-income countries have remained below to trends in richer economies because of lower vaccination rates and tighter fiscal space in developing countries.
• Developing nations experienced a higher level of inequality, weaker social protection systems and more divergent working conditions.