11th Edition of the World of Work Report

• The International Labour Organisation (ILO) has released its 11th edition of the World of Work report, providing insights into the projected global unemployment rates and the need for social protection. As the world recovers from the impact of the pandemic, it is crucial to address the disparities in employment opportunities and foster economic stability.
• According to the ILO, the projected global unemployment rate for 2023 is expected to fall below pre-pandemic levels, reaching 5.3%, which corresponds to approximately 191 million individuals. While this indicates a positive trend, it is essential to consider the varying degrees of recovery among different regions and income groups.
• The report highlights regions that have successfully reduced their unemployment rates below pre-crisis levels. Latin America and the Caribbean, northern, southern, and western Europe, and central and Western Asia have demonstrated resilience in their labor markets, with unemployment rates ranging from 6.3% to 6.7%, showing a positive recovery trend.
• Low-income countries face significant obstacles in closing the jobs gap. The report reveals that the jobs gap rate for these countries stands at a staggering 21.5%. Furthermore, this rate has increased from 19.1% in 2005 to 21.5% in 2023, highlighting the persistent employment challenges they encounter.

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