The International Labour Organzation recently shared a report where they mentioned that the global unemployment rate will be at 5.7 percent in 2022, with an estimated 205 million people worldwide will be without jobs. This number is observed to be considerably higher than the pre-Covid number, where 187 million people worldwide were found to be unemployed.
Additionally, compared to 2019, another 108 million workers all over the world are now categorised as poor or extremely poor, which means that the next five years of progress will be primarily focused on eradicating working sector poverty.
The UN Sustainable Development, which has a goal of solving this issue by 2030, said in a statement, “The employment growth will be insufficient to make up for the losses suffered until at least 2023.” ILO economist and lead author of the report, Stefan Keuhn, told the media that the real impact on the labour market was even more after factors like reduced working hours for employees were taken into account. The estimated working hour losses in 2020 compared to 2019 is equal to 144 million full-time jobs in 2020.
Keuhn also mentioned that even though the numbers are glaring, it still does not capture the actual impact it had on the labour market. He also noted that while hiring in the US has started again after the massive job losses made headlines around the world, many workers in places like Europe continue to work in reduced hours.