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Global economic slowdown drives low-quality, low-wage jobs

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The International Labor Organization (ILO) said the current global economic slowdown is likely to push more workers into low-quality, low-paying jobs without social protection.

The economic slowdown is driving an increase in precarious and low-wage jobs. International Labor Organization (ILO) in his latest report on global employment and social issues.

And according to the International Labor Organization, prices are rising faster than incomes, which could push more workers into poverty. This trend adds to the sharp decline in revenue recorded during the Covid-19 crisis.

The organization also warns of a deteriorating labor market. Job growth has slowed significantly this year, and he is expected to grow 1% less than half in 2022.

New geopolitical tensions, conflict in Ukraine, an uneven recovery from the pandemic, and persistent bottlenecks in global supply chains have led to “a period of stagflation, combining high inflation and low growth for the first time since the 1970s.” Created the conditions for the episode’ reports the state.

“The expected slowdown in economic growth and employment in 2023 means that most countries will not fully recover to pre-pandemic levels,” said ILO Director-General Gilbert Hombo in a preface.

Slowing growth amid economic slowdown

Africa and Arab countries are doing better. They are expected to experience job growth of around 3%.

By contrast, employment is expected to decline in Europe and Central Asia, which have been particularly affected economically by the Ukraine conflict.

Despite this overall slowdown, some countries and sectors are at risk of skilled labor shortages.

To address this issue, the ILO calls for increased investment in education and training, especially for young people.

According to the organization, two-thirds of the world’s young workers lack basic qualifications.

Source: Biobiochile

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