- More workers will be compelled to take lower-quality, lower-paying employment with no job security or social protection as a result. In 2023, employment is predicted to grow by 1.0%, a considerable decrease (less than half the amount) from the projected growth rate of 2.3% in 2022.
- In 2023, an estimated 3 million more people would be unemployed globally, bringing the total to 208 million. This results in a jobless rate of 5.8%.
- The expected mild expansion in global unemployment will reverse the drop in unemployment experienced globally between 2020 and 2022 and is largely due to the limited labour supply in high-income countries.
- The "Global Jobs Gap," another measure of unmet job needs, is described in the report.
- Global unemployment in 2022 was 473 million, or 12.3% of the population. The number is about 33 million higher than in 2019. There are 205 million unemployed persons (with a 5.8% unemployment rate) and 268 million people who wanted to work but did not meet the requirements to be classified as unemployed.
- Young people (aged 15 to 24) struggle to obtain and hold suitable jobs and have a 3 times higher unemployment rate than adults.
- Rising geopolitical tensions, an uneven COVID-19 pandemic recovery, and slowly dissipating supply chain bottlenecks have all contributed to the first incidence of "stagflation," a period of high inflation and sluggish GDP since the 1970s.
- The economic condition known as stagflation is characterized by low economic growth, high unemployment, and high inflation. Stagnant growth combined with growing inflation is known as stagflation.
- International Labour Organization (ILO):
- Director-General– Gilbert Fossoun Houngbo
- Headquarters– Geneva, Switzerland
- Establishment– 1919
Question:
Q.1 Which organization released World Employment and Social Outlook: Trends 2023?
a. WHO
b. WTO
c. EU
d. ILO
a. WHO
b. WTO
c. EU
d. ILO
