The pandemic-driven labor market crisis is not going to end anytime soon, and employment growth will not be enough to cover the losses suffered until 2023, according to the latest projections by the International Labor Organization.
The Geneva-based UN agency warned in its latest flagship report, “World Employment and Social Outlook: Trends 2021,” that Covid-19 risks leaving a legacy of increased geographical and demographic inequality in the labor market, the spread of poverty, and the decline of decent work.
As the latest assessments showed, global unemployment is projected to see 205 million people in 2022, and will far exceed the 2019 figure of 187 million.
This corresponds to an unemployment rate of 5.7 percent. Excluding the period covered by the Covid-19 crisis, such a rate was last seen in 2013.
The ILO also said the job gap caused by the crisis will rise to 75 million in 2021 before falling to 23 million in 2022.