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The International Labor Organization (ILO) has said that the global labor market, which has taken a direct hit from Covid, has not improved as expected.
Releasing the 'World Employment and Social Outlook Trends-2025' report, the ILO says that the expansion of the world economy has slowed down due to geopolitical tensions and the rising costs of climate change, and the pressure is on the labor market.
"Unemployment rate remained at 5 percent due to the increase of employment only around the new labor force entering the market," the report said, "Although there is a slight improvement in youth unemployment, it is still 12.6 percent." Informal labor and poverty levels have returned to pre-pandemic levels. This makes it challenging for low-income countries to create productive jobs.
In 2024, the world economic growth rate is only 3.2 percent. In 2023 and 2022, such growth rate was 3.3 and 3.6 percent. "Inflation is still high even though there has been some reduction, which has reduced the price of wages," the report states. The
report found that the labor force participation rate of young people is falling in low-income countries, while the participation rate of older workers and women is increasing in high-income countries. The gender gap in the workforce is still wide. Women's participation in the workforce is low. This has limited progress in living standards," the report said. "Young men's participation in the labor force has declined sharply."
