As the global economy recovers but fails to keep up with an ever-growing labor force, global unemployment in 2018 is projected to remain at a similar level to last year’s, according to the World Employment and Social Outlook: Trends 2018, a new report by the International Labour Organization (ILO).
The report noted that the global unemployment rate has been stabilizing after a rise in 2016 and reached a stronger than expected growth in 2017. It attributed the positive trend between 2017 and 2018 to the strong performance of labor markets in the developed world, whose global unemployment rate is expected to have reached 5.6 percent in 2017, with the total number of unemployed persons exceeding 192 million. The ILO predicts employment growth to fall short of labor force growth in emerging and developing countries.
“Even though global unemployment has stabilized, decent work deficits remain widespread: the global economy is still not creating enough jobs. Additional efforts need to be put in place to improve the quality of work for jobholders and to ensure that the gains of growth are shared equitably,” ILO Director-General Guy Ryder was quoted saying in an ILO news piece.
Almost 1.4 billion workers were estimated to be in vulnerable employment in 2017, according to the report, and an additional 35 million are expected to join them by 2019, affecting three out of four workers in developing nations. The report highlighted that in the Arab world, the regional unemployment rate is projected to slightly decline to 8.3 percent this year, leaving nearly 5 million people unemployed; women will account for almost one third of the unemployed pool despite representing only 16 percent of the regional labor force.
Video taken from ILO website