Global unemployment to stand at 207 million in 2022: ILO

Global unemployment is projected to stand at 207 million in 2022, surpassing its 2019 level by 21 million, because of the slow recovery of the economy and the spread of new Covid-19 variants, according to a report of the International Labour Organisation (ILO).

The ILO today released its flagship report titled World Employment and Social Outlook (WESO) Trends 2022.

Based on the latest economic growth forecasts, the ILO projected that total hours worked globally in 2022 will remain almost two per cent below their pre-pandemic level when adjusted for population growth, corresponding to a deficit of 52 million full-time equivalent jobs (assuming a 48-hour working week).

This outlook represents a substantial deterioration since the projections made in the previous edition in June 2021, when the shortfall in working hours relative to the fourth quarter of 2019 was projected to narrow to less than one per cent in 2022.

The Covid-19 pandemic dominated the global economy for a second year in 2021, preventing a full and balanced recovery of labour markets, it said.

As per the report, the pace at which economic activity has recovered has depended largely on the extent to which the virus has been contained, such that the recovery is following different patterns across geographies and sectors.