Unemployment is a well-known economic condition in which job seekers remain unhired due to various reasons such as economic downturns, political turmoil, changes in industry or government policies, and a mismatch between workforce skills and job market demands. High levels of unemployment cripple the overall economy by reducing consumer spending and tax revenues.
Meanwhile, the International Labor Organization (ILO) tries to quantify the rising unemployment rate by dividing the number of jobless individuals by all those in the labor force to paint a realistic picture of the market and the economy.
208 Million and Counting
Unfortunately, in its recent report, the ILO announced that the number of unemployed people around the world is expected to rise in 2023 due to the global economic slowdown. This will result in millions of workers accepting poorly paid and low-quality jobs.
ILO’s World Employment and Social Outlook: Trends 2023 report predicts that global unemployment will increase by 3 million, bringing the total to 208 million this year, with similar projections for 2024. The report also warns that the quantity and quality of jobs will deteriorate, working conditions will worsen, and wages will decrease.
Low and middle-income countries will be affected the hardest, exacerbating informality and poverty. The report further warns that the cost-of-living crisis will push more people into poverty, widening the gap between rich and poor.
The Informal Sector in Jeopardy
About 2 billion people work in the informal economy, mostly in developing countries. ILO predicts that the slowing global economy will likely reverse the progress made since 2004 in moving people out of the informal sector.
After numerous layoffs, three years of the pandemic, a crashing economy, and countless political unrest, the employment rate is currently at its lowest since May 1969. To find out what are the possible ways to address this crisis, Real Research launched a survey.
Given the dire state of global employment, the survey aims to gather public opinions and thoughts on the impact of dropping employment rates on society and the economy. Hence, hurry and answer the survey on the state of the job market in 2023-24 on the Real Research app from April 15, 2023, onward. After that, you will receive 60 TNCs as a reward.
Target Number of Participants:
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