World of Work report

• The International Labour Organisation (ILO) has released its 11th edition of the World of Work report.

MAJOR FINDINGS

• Uneven impact of the polycrisis (simultaneous occurrence of several catastrophic events like the war in Ukraine and the lingering effects of the COVID-19 pandemic).
• According to the ILO, the projected global unemployment rate for 2023 is expected to fall below pre-pandemic levels, reaching 3%.
• Latin America and the Caribbean, northern, southern, and western Europe, and central and Western Asia have demonstrated resilience in their labor markets, with unemployment rates ranging from 6.3% to 6.7%, showing a positive recovery trend.
• The ILO has introduced a new indicator called the jobs gap.
  • This encompasses all individuals who desire employment but are currently jobless.
• Developing countries also face additional challenges due to rising debt levels, which constrain their ability to implement effective policy interventions.
• The report advocates for global financial support for job creation and social protection to ensure a comprehensive recovery and bridge the employment gap.