NEWS

Global Unemployment Grows Amid Economic Slowdown

GENEVA — The outlook for the year ahead and beyond is not very promising. The International Labor Organization warns that the current global economic slowdown will force millions of workers to accept lower quality, poorly paid jobs.

In its “World Employment and Social Outlook: Trends 2023” report, the ILO predicts global unemployment will rise by 3 million for a total of 208 million this year with similar projections for 2024.

ILO director of work quality, Manuela Tomei, said both the quantity and quality of jobs will deteriorate, and that working conditions are expected to worsen while wages go down.

“Workers in low- and middle-income countries are expected to be hardest hit,” Tomei explained. “And with the pandemic and the economic slowdown across the globe, the prospects of seeing a reduction in informality and poverty have and will deteriorate further.”

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Edited by Jesus Chan

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