The latest projections made by the International Labor Organization (ILO) reflect that the pandemic-driven labor market crisis is not going to end anytime soon.
Employment growth, it further says, will not be enough to cover losses suffered at least until 2023.
GENEVA – In its latest report, “World Employment and Social Outlook: Trends 2021,” the ILO warns that the pandemic risks leaving a legacy of increased geographical and democratic inequality in the labor market, the spread of poverty, and the decline of decent work.
Its latest assessments indicate a projection of global unemployment reaching 205 million people in 2022, to exceed the 2019 record of 187 million.
The estimate corresponds to an unemployment rate of 5.7 percent. Excluding the period covered by the coronavirus crisis, such unemployment rate was last seen in 2013.
According to the ILO the job/employment gap caused by the global crisis will rise to 75 million in 2021 before falling to 23 million in 2022.
The report also shows the most affected regions in the first half of 2021 are Latin America and the Caribbean, as well as Europe and Central Asia. In both regions, estimated uptime losses exceed 8 percent in the first quarter and 6 percent in the second.
Also, global working time losses in the aforementioned two quarters are 4.8 percent and 4.4 percent, respectively.
Covid-19 crisis worsens pre-existing inequalities
The report further shows the Covid-19 crisis, which hit already vulnerable workers harder, has exacerbated pre-existing inequalities.
Attributed to the absence of social protection, for instance, the two billion workers around the world that have been working in the informal sector, have been affected by work disruptions associated with the global pandemic and are suffering disastrous effects on families’ incomes and livelihoods.
The crisis has also disproportionately affected women. Female employment decreased by 5 percent in 2020, while male employment fell by 3.9 percent during the same period.
The proportion of women leaving the labor market was higher than that of men. (RA/Headline PH)