Global job market will take longer to recover; 2022 to see 52 mn less jobs than pre-pandemic level: ILOGlobal job market will take longer to recover; 2022 to see 52 mn less jobs than pre-pandemic level: ILO

The work market throughout the economy will take longer to recover, and the world labor market will witness the equivalent of 52 million less jobs in 2022 versus the pre covid-19 level, said the International Labor Organization (ILO) on January 17.

The prospect of the global labor market has deteriorated when the Omicron Covid-19 variant continues to infect people and limit economic recovery, the UN body said, adding that “back to pre-pandemic performance is likely to be difficult to understand for most of the world. In the coming years”.

“On the basis of the estimates of the latest economic growth, the ILO projects that the total hours of work globally in 2022 will remain nearly 2 percent below their pre-pandemic level when adjusted to the population growth, in accordance with the deficit of 52 million equivalent full time of work (assuming weeks Work 48 hours), “Ilo said in a report.

The silver line is that the projected deficit in 2022 is less than 2021 and 2020. In 2021, the UN agency had estimated that there were around 125 million jobs less than the pre-pandemic level, and by 2020, it is 258 million less.

Disorders, regulated to continue even in 2023, and there will be recovery “slow and uncertain” in the labor market, the ILO said in the World Work Outlook report.

Since the beginning of the recovery, the trend of employment growth in low-income and medium-sized countries remains significantly under those who are observed in a richer economy, mainly due to lower levels of vaccination and more stringent fiscal space in developing countries.

“The impact is very serious for developing countries that experience higher levels of inequality, more different working conditions and a weaker social protection system even before the pandemic,” he added.

Overall, the main labor market indicators in all areas – Africa, America, Arab, Asia and Pacific countries, and Europe and Central Asia – have not returned to the pre-pandemic level. This projection emerged as an Omicron variant of Covid-19 continued to infect millions of acres of cross economics.

For all regions, projections up to 2023 indicate that full recovery will remain difficult to understand. The European and Pacific regions are projected to be closest to that goal, while the prospects are the most negative for Latin America and the Caribbean and for Southeast Asia. All regions face the risk of severe decline in the recovery of their labor market originating from sustainable pandemic impacts.

“In addition, this pandemic structurally changes the labor market in such a way that returning to the pre-crisis baseline may not be enough to redeem the damage caused by a pandemic,” the ILO shown.

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