The Unassuming Economist

Source: International Labor Organization

The report examines the impacts of the COVID-19 crisis on global and regional trends in employment, unemployment, and labor force participation, as well as on job quality, informal employment, and working poverty. It also offers an extensive analysis of trends in temporary employment both before and during the pandemic.

On the basis of the latest economic growth forecasts, the ILO is projecting that total hours worked globally in 2022 will remain almost 2 percent below their pre-pandemic level when adjusted for population growth, corresponding to a deficit of 52 million full-time equivalent jobs (assuming a 48-hour working week). Global unemployment is projected to stand at 207 million in 2022, surpassing its 2019 level by some 21 million. Region-wise, the European and Pacific regions are projected to come closest to that goal, whereas the outlook is the most negative for Latin America and the Caribbean and for SouthEast Asia.

The report also goes on to discuss ways for ensuring a sustainable and inclusive recovery. Action points highlighted in the adoption of the Global Call to Action for a Human Centred Recovery from the COVID-19 Crisis that is Inclusive, Sustainable and Resilient at the June 2021 ILO Conference are centered on the theme of addressing systemic and structural inequalities and other long-term social and economic challenges, such as climate change, that pre-date the pandemic.