Economic slowdown will force workers into worse jobs

A global economic slowdown will force more workers into accepting lower quality, poorly paid jobs in 2023, while inflation gobbles up real term wages, the United Nations has warned.

"Together, these have created the conditions for stagflation - simultaneously high inflation and low growth - for the first time since the 1970s," the agency said in its annual World Employment and Social Outlook report. "Worse still, progress in labour markets is likely to be far too slow to reduce the enormous decent work deficits that existed prior to, and were exacerbated by, the pandemic," he added.

"The slowdown in global employment growth means that we don't expect the losses incurred during the Covid-19 crisis to be recovered before 2025," the ILO's research chief Richard Samans said in a statement. Global unemployment was at 192 million in 2019 before surging to 235 million in 2020 as the Covid pandemic kicked in.This number comprises unemployment plus those who want work but are not seeking a job, either due to being discouraged by previous failed attempts or having other obligations such as care responsibilities.

The report said people aged 15 to 24 were facing"severe difficulties" in finding and keeping decent employment.

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