In the 10th “World of Business” monitoring report announced by the International Labor Organization (ILO), it was noted that the outlook in global labor markets has deteriorated in recent months.
The report, which states that multiple and successive economic and political crises threaten the recovery of the world labor market, warns that this would increase both unemployment and inequality.
Pointing out that the economic turmoil caused by the Russia-Ukraine war and the tightening of monetary policy on consumption, global employment growth will deteriorate significantly in the last quarter of 2022, there are signs that the recovery of working hours global view at the beginning of the year reversed in the second and third quarters.
INFLATION LOWS REAL WAGES
“Rising inflation rates are causing real wages to drop in many countries. This comes after a significant drop in income during the Covid-19 crisis, which affected very low-income groups in many countries,” he says. the report.
According to the ILO report, there were 40 million fewer full-time jobs in the second quarter of this year than the pre-COVID-19 epidemic level (4th quarter of 2019).