ILO "Global Unemployed Reach 207 Million This Year... 52 Million Fewer Jobs Than Pre-Pandemic"

[Asia Economy Reporter Seulgina Jo] It is projected that the number of unemployed people worldwide will reach 207 million this year. The labor market situation has worsened compared to the pre-pandemic period, and it is estimated that working hours equivalent to 52 million full-time jobs will be lost this year alone.

According to the "World Employment and Social Outlook" report released on the 17th (local time) by the International Labour Organization (ILO), a UN-affiliated international organization, global working hours are expected to decrease by 1.8% compared to the fourth quarter of 2019, before the pandemic. This corresponds to the scale of 52 million full-time jobs based on a 48-hour workweek. This is nearly double the previously announced forecast last year (a decrease of 26 million jobs).

Along with this, the ILO projected the number of unemployed people this year to be 207 million, far exceeding the 186 million in 2019 before the pandemic.

The ILO predicted that at least until next year, the global number of unemployed people will surpass pre-pandemic levels, indicating a weak recovery in the labor market. The delayed labor market recovery is attributed to factors such as the emergence of new COVID-19 variants like Delta and Omicron.

Guy Ryder, ILO Director-General, stated, "This downward revision is significant," adding, "The broad economic and social changes brought about by the COVID-19 crisis have reduced labor supply. As long as the pandemic itself remains uncontrolled, this situation will persist." He further emphasized that for a sustainable recovery, the principles of quality jobs?including health and safety, equity, and social protection?must form the foundation.