According to the latest edition of the International Labour Organization Monitor on the World of Work, unemployment and inequality will rise because multiple economic and political crises are threatening global labor market recovery.
The outlook for global labor markets has deteriorated in recent months, and on current trends, job vacancies will fall and global employment growth will slow significantly in the fourth quarter of 2022.
Deteriorating labor market conditions were affecting both job creation and job quality. With data already indicating a sharp labor market slowdown.
It predicted that labor-market inequalities would worsen, contributing to a continued gap between the rich and the poor. “The consequences are being felt in developing countries through food and energy inflation, declining real wages, rising inequality, dwindling policy options, and increased debt.”