The International Labor Organization: Global job growth will slow to half in 2023

The International Labor Organization said that global employment growth is expected to slow sharply to 1% this year compared to 2% in 2022, affected by the economic repercussions of the war in Ukraine, high inflation and tightening monetary policy.

The International Labor Organization added that the number of unemployed people in the world is also expected to increase by 3 million to 208 million in 2023, and stressed that the progress made in reducing the number of informal jobs in the world is likely to be reversed in the coming years. The International Labor Organization said that the current slowdown means that many workers will have to accept lower-quality jobs, often at very low wages, and added that the situation could worsen further if the global economy slows.