World Employment and Social Outlook: Trends 2023
January 25 , 2023
- The World Employment and Social Outlook: Trends 2023 (WESO Trends), was released by the International Labour Organization (ILO).
- The report projected that global employment growth will be only 1% in 2023, less than half the level in 2022.
- The global unemployment is slated to rise slightly in 2023, by around three million, to 208 million.
- The year 2022 was the witness to about 214 million workers living in extreme poverty, that is, about 6.4 per cent of the world’s employed population.
- Globally, the labour force participation rate of women stood at 47.4 % in 2022, compared with 72.3% for men.
- Young people (aged 15–24) face severe difficulties in finding and keeping decent employment.
- Their unemployment rate is three times that of adults.
- More than one-in-five – 23.5%– of young people are not in employment, education or training.
- These have created the conditions for stagflation – simultaneously high inflation and low growth – for the first time since the 1970s.