ILO Labour Report 2020: Unemployment to rise by 2.5m in 2020
The global economic slowdown is one of the major reasons for rising unemployment in the world.
International Labour Organisation (ILO) has recently released ‘World Employment and Social Outlook Trends 2020’. The report highlights that global unemployment will rise by 2.5 million in 2020. The ILO report said that about 188 million people are unemployed in the world.
According to the ILO report, the lack of productive, well-paying jobs means that more than 630 million workers, one in five of all workers worldwide, live in extreme poverty. This report stated that global unemployment was stable for the past nine years but as the global economic growth is slowing down and the number of workers is increasing, new jobs are not being created in the market in that proportion.
• About 188 million people are unemployed and not getting any work according to their skills and abilities.
• Around 267 million people (aged between 15-24) are not in employment, training or education.
• According to the report, rising unemployment and deep inequality gap have made it difficult for people to live better through jobs or work.
• It has also mentioned in the report that about 120 million people in the world have given up searching for jobs.
• The growth of the labour force is slowing down in middle and high-income countries, which means that fewer jobs need to be created to stabilize unemployment rates.
What is working poverty?
According to the ILO’s report, those people earning less than USD 3.20 per day are considered as working poverty-ridden people. ILO highlights that working poverty affects over 630 workers across the world. It is about one in five of the worldwide working population.
Reasons for rising unemployment
• The global economic slowdown is one of the major reasons for rising unemployment in the world. It is affecting global employment generation.
• Apart from those inequalities like gender, regional and age-based, trigger global unemployment. It restricts qualified people to find suitable and decent work.
• Poor quality of the workplace and bad behavior with the workforce is leading to global slowdown and poor economy.
• ILO report suggests that structural reforms, technological transformation, and diversification in national and global economies are required.