The United Nations’ labor office cautions that the pandemic-related employment crisis is far from resolved.
According to the latest forecasts from the International Labor Organization, the pandemic-driven labor market crisis will not end anytime soon, and job growth would not be adequate to compensate the losses experienced until at least 2023. (ILO).
Covid-19 risks leaving a legacy of greater regional and demographic disparity in the labor market, the rise of poverty, and the deterioration of decent employment, according to the Geneva-based UN agency’s newest flagship research, “World Employment and Social Outlook: Trends 2021.”
According to the most recent estimates, worldwide unemployment would reach 205 million people in 2022, greatly beyond the current total of 187 million.
This equates to a 5.7 percent unemployment rate. A rate like this was last observed in 2013, excluding the Covid-19 crisis time.
The ILO also predicted that the worldwide job/employment gap would widen to 75 million in 2021 before narrowing to 23 million in 2022.
Latin America and the Caribbean, as well as Europe and Central Asia, will be the most impacted areas in the first half of 2021. Uptime losses are expected to reach 8% in the first quarter and 6% in the second quarter in both areas.
In addition, worldwide working time losses were 4.8 percent and 4.4 percent in the aforementioned two quarters, respectively.
The Covid-19 problem exacerbates already existent inequities.
The survey also discovered that the Covid-19 problem, which disproportionately affected poor employees, worsened pre-existing disparities.
For example, two billion employees throughout the globe labor in the informal sector due to a lack of social security, and labor interruptions linked with the worldwide pandemic have had a terrible impact on families’ earnings and lives.
Women have been disproportionately impacted by the crisis.
In 2020, female employment declined by 5%, while male employment declined by 3.9 percent over the same time period.
The percentage of women who left the workforce was greater than that of males.