March 31, 2023
  • It an annual report of International Labour Organisation (ILO) that provides labour market projections (or 2023 and 2024 and presents trends in labour productivity growth.

Important findings

  • Global employment will grow by just 1 percent in 2023, and global unemployment rate has been pegged at 5.8 percent.
  • Emerging geopolitical tensions, recovery from pandemic, and issue in supply chains fuelled conditions (or labour market deterioration.
  • Labour force participation rate of women stood at 47.4 percent in 2022, compared with 72.3 percent for men.
  • In Asia and the Pacific and Latin America and the Caribbean, annual employment growth is projected to be around 1%.

About ILO

  • ILO is a specialized agency of United Nations headquartered in Geneva, Switzerland.
  • It is the only tripartite U.N. agency that brings together governments, employers and workers of 187 member states to set labour standards for promoting decent work for all women and men.
  • It was created in 1919 as part of Treaty of Versailles.
  • It was awarded Noble Peace Prize 1969 for promoting fraternity among nations by ensuring social justice.
  • Other reports released by ILO: Global Wage Report, and World Social Protection Report.
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