Global unemployment to reach 207 million in 2022:  ILO report.

Why in News

• The International Labour Organisation (ILO) has released its World Employment and Social Outlook – Trends 2022 (WESO Trends) report. This report warns of a slow and uncertain recovery, as the pandemic continues to have a significant impact on global labour markets

About the Report

• In the WESO 2022, ILO has downgraded its forecast for labour market recovery in 2022.
• The global unemployment level in 2022 is estimated at 207 million, compared to 186 million in 2019.
• Total working hours globally in 2022 is projected to be 2% below the pre-pandemic level, and that is equivalent to the loss of 52 million full-time jobs.
• The global labour force participation rate in 2022 is projected to remain 1.2 percentage points below that of 2019 before the novel coronavirus disease (COVID-19) pandemic began.
• In 2022 around 40 million people will no longer be participating in the global labour force.
• ILO states that there can be no real recovery from this pandemic without a broad-based labour market recovery.