- World Employment and Social Outlook: Trends 2023 released by International Labor Organization.
- According to the World Employment and Social Outlook: Trends 2023, the current global economic slowdown will increase social and economic inequalities.
- Due to the economic downturn, more workers will have to accept lower quality and lower paying jobs.
- In the Asia Pacific region, total hours worked per capita are still below pre-pandemic levels.
- Global employment is projected to grow by only 1% in 2023, down from the 2022 growth rate of 2.3%.
- Global unemployment is expected to increase by about 3 million in 2023. It will increase because of the low labor supply in high-income countries.
- This would reverse the decline in global unemployment seen between 2020-2022.
- Global unemployment will remain 16 million above the pre-crisis benchmark (set in 2019).
- Job quality and the current recession are the main concerns of employment. Prices have risen faster than nominal labor income.
- In 2022, the labor force participation rate for women was 47.4% compared to 72.3% for men.
- Annual employment growth is estimated to be around 1 percent in the Asia and Pacific and Latin America and Caribbean regions.
- Employment growth in Africa and the Arab region will be around 3 percent or more in 2023.
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