AIRLINK 79.41 Increased By ▲ 1.02 (1.3%)
BOP 5.33 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.38 Increased By ▲ 0.05 (1.15%)
DFML 33.19 Increased By ▲ 2.32 (7.52%)
DGKC 76.87 Decreased By ▼ -1.64 (-2.09%)
FCCL 20.53 Decreased By ▼ -0.05 (-0.24%)
FFBL 31.40 Decreased By ▼ -0.90 (-2.79%)
FFL 9.85 Decreased By ▼ -0.37 (-3.62%)
GGL 10.25 Decreased By ▼ -0.04 (-0.39%)
HBL 117.93 Decreased By ▼ -0.57 (-0.48%)
HUBC 134.10 Decreased By ▼ -1.00 (-0.74%)
HUMNL 7.00 Increased By ▲ 0.13 (1.89%)
KEL 4.67 Increased By ▲ 0.50 (11.99%)
KOSM 4.74 Increased By ▲ 0.01 (0.21%)
MLCF 37.44 Decreased By ▼ -1.23 (-3.18%)
OGDC 136.70 Increased By ▲ 1.85 (1.37%)
PAEL 23.15 Decreased By ▼ -0.25 (-1.07%)
PIAA 26.55 Decreased By ▼ -0.09 (-0.34%)
PIBTL 7.00 Decreased By ▼ -0.02 (-0.28%)
PPL 113.75 Increased By ▲ 0.30 (0.26%)
PRL 27.52 Decreased By ▼ -0.21 (-0.76%)
PTC 14.75 Increased By ▲ 0.15 (1.03%)
SEARL 57.20 Increased By ▲ 0.70 (1.24%)
SNGP 67.50 Increased By ▲ 1.20 (1.81%)
SSGC 11.09 Increased By ▲ 0.15 (1.37%)
TELE 9.23 Increased By ▲ 0.08 (0.87%)
TPLP 11.56 Decreased By ▼ -0.11 (-0.94%)
TRG 72.10 Increased By ▲ 0.67 (0.94%)
UNITY 24.82 Increased By ▲ 0.31 (1.26%)
WTL 1.40 Increased By ▲ 0.07 (5.26%)
BR100 7,526 Increased By 32.9 (0.44%)
BR30 24,650 Increased By 91.4 (0.37%)
KSE100 71,971 Decreased By -80.5 (-0.11%)
KSE30 23,749 Decreased By -58.8 (-0.25%)

GENEVA: The global job market will take longer to recover than previously thought, with unemployment set to remain above pre-COVID-19 levels until at least 2023 due to uncertainty about the pandemic's course and duration, the International Labour Organization said in a report on Monday.

The U.N. agency estimates the equivalent of around 52 million fewer jobs in 2022 versus pre-COVID levels, which amounts to about double its previous estimate from June 2021.

Disruptions are set to continue into 2023 when there will still be around 27 million fewer jobs, it said, warning of a "slow and uncertain" recovery in its World Employment and Social Outlook report for 2022.

"The global labour market outlook has deteriorated since the ILO's last projections; a return to pre-pandemic performance is likely to remain elusive for much of the world over the coming years," the report said.

Director-General Guy Ryder told journalists that there were numerous factors behind its revision, saying the "primary one is the continuing pandemic and its variants, notably Omicron."

The speed of recovery varies across regions, with the European and North American regions showing the most encouraging signs and Southeast Asia and South America lagging behind, according to the report.

US weekly jobless claims rise; producer prices up moderately in December

Still, the projected deficit in working hours this year represents an improvement over the past two years. In 2021, the ILO estimates there were some 125 million fewer jobs than pre-pandemic levels and in 2020, 258 million fewer.

Overall, around 207 million people are estimated to be unemployed in 2022. However, the report said that the impact would be significantly greater since many people have left the labour force and have yet to return.

Among those are a high number of women, often because they have been drawn into unpaid work at home such as teaching children during school closures or caring for sick family members.

The report predicted that the disproportionate impact of the pandemic on women's employment would narrow in the coming years but that a "sizeable gap" would remain.

"There are some anecdotal indications that they are not coming back in the same numbers and in the same portions as men are doing which would lead to concerns that a 'Long COVID' effect on gender at work would be a negative one," said Ryder.

Others who have left the workforce have done so voluntarily as part of a phenomenon some economists call "the great resignation". Ryder said this appeared to be more prominent in areas of the economy such as health and care giving.

"We do need to look again and to invest further in those areas of economic activity," he said.

Comments

Comments are closed.