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ILO revealed that "the worst affected regions in the first half of 2021 have been Latin America and the Caribbean, and Europe and Central Asia."
The International Labour Organization (ILO) reported on Wednesday that the COVID-19 pandemic economic crisis is "far from over" as the "jobs gap will reach 75 million in 2021, before falling to 23 million in 2022."
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According to the latest projections, the estimate of working or reduced-hours losses will amount to 100 million full-time jobs in 2021 and 26 million full-time jobs in 2022. Moreover, global unemployment "is expected to stand at 205 million people in 2022," in stark contrast to the 187 million unemployed in 2019.
The labour market crisis created by the #COVID19 pandemic is far from over.
— International Labour Organization (@ilo) June 2, 2021
Employment growth will be insufficient to make up for the losses suffered until at least 2023.
Check out the new ILO WESO Trends report: https://t.co/frEhP1ktgS pic.twitter.com/CeRaO0O0gm
Moreover, ILO revealed that "the worst affected regions in the first half of 2021 have been Latin America and the Caribbean, and Europe and Central Asia." Although some recovery is expected by the second quarter of 2022, the unequal access to vaccines will negatively impact employment as "most developing and emerging economies will have a limited capacity to support strong fiscal stimulus measures."
In addition, the employment shortfall has pushed at least 108 million workers into poverty or extreme poverty while "five years of progress towards the eradication of working poverty have been undone."
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