International Labour Organisation (ILO) released 11th edition of ILO Monitor on the World of Work. As per the report, Global unemployment is likely to fall below the pre-pandemic levels to 5.3% or 191 million in 2023.
| Article and Schedule Quiz | Start Test! |
The ILO report urged for global financial support for job creation and social protection at this time. The report also recommended policies such as wider social security to ensure recovery and reconstruction. The report stressed on the critical importance of creating fiscal space for social investments in low-income countries.
In 2023, low-income countries in the Arab and African regions will not recover to the pre-Covid levels of unemployment. In North Africa, the unemployment rate will remain at 11.2 per cent in 2023. The unemployment rate will remain at 6.3 per cent for Sub-Saharan Africa and 9.3 per cent for the Arab states. Unemployment in Central and Western Asia will remain at 7.8 per cent in 2023 as compared to 9.2 per cent in 2019. Low-income countries are facing high levels of debt and rising costs of borrowing. It has obstructed their effort of promoting decent and productive employment. Investment in people through jobs and social protection will help in reducing the gap between rich and poor nations and people.
