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ILO released “World Employment and Social Outlook: Trends 2023”

Published on January 19, 2023
Current Context: The current global economic recession is predicted to increase social and economic disparities, according to the International Labour Organization's (ILO) "World Employment and Social Outlook: Trends 2023" (WESO Trends).
ILO released “World Employment and Social Outlook: Trends 2023”
  • 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
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