According to ILO projections, there would be 208 million unemployed people worldwide in 2023, a little increase of about 3 million. This, according to the UN agency, would reverse the reduction in worldwide unemployment that was seen between 2020 and 2022.
According to the ILO, who made this claim in a recent report, the present slowdown would force many people to choose lower-quality positions, frequently at extremely low pay, and occasionally with insufficient hours.
The cost-of-living crisis, which is already pushing millions of people below the poverty line, poses a threat to more people falling into poverty as prices rise faster than nominal labor incomes, according to the report.
The ILO noted that this pattern came on top of the large revenue decreases recorded during the COVID-19 crisis, which had an impact on low-income groups worst in many countries. “As a result, we see a rise in inequality in many parts of the globe, raising the specter of increasing social tensions,” the ILO said.
The report further noted that there was an emerging understanding that the world must collaborate to address economic, social, and environmental concerns on an equal basis.