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ILO: Global unemployment rate may reach 5.7% in 2022

The International Labor Organization recently stated that the global unemployment rate will be 5.7% in 2022, while the estimated number of unemployed people around the world will be 205 million. This will be higher than the pre-covid unemployment numbers, which stood at 187 million in 2019.

Furthermore, in comparison to 2019, an additional 108 million workers worldwide now fall under the poor or extremely poor category. This means, the five years of progress in the field of eradication of working have been undone and the achievement of the UN Sustainable Development Goal of eradicating poverty by 2030 has been rendered even more elusive.

Reports state that at least until 2023, the employment growth will be insufficient to make up for all the losses suffered during the pandemic.

As per the report, the job gaps created due to the global pandemic crisis will reach to 75 million in 2021 before reducing to 23 million in 2022. The working-hour-related gaps including jobs gap and reduced hours will become almost equal to 100 million full-time jobs in 2021 and 26 million full-time jobs in 2022.

The ILO states that the global employment may recover and accelerate in the second half of 2021, provided that the overall pandemic situation does not worsen. However, the recovery may be uneven because of unequal vaccine access and the limited capacity of the developing countries to cope with the strong fiscal stimulus measures.