The International Labour Organization (ILO), a United Nations agency, has revised its global employment growth forecast downward to 1.5% for this year, citing worsening global economic prospects and ongoing trade tensions. Approximately 53 million jobs are expected to be created, which is 7 million fewer than previously anticipated. This adjustment comes as economic growth forecasts have been reduced from 3.2% to 2.8%, highlighting the challenges facing the global labor market.
The ILO's report underscores the significant impact of economic uncertainty, shaped by ongoing conflicts, geopolitical realignments, and trade-related disruptions. Gilbert F. Houngbo, the ILO's Director-General, emphasized the potential for negative effects on labor markets worldwide if these issues are not addressed. The report specifically points to the vulnerability of jobs linked to U.S. consumer demand, with Canada and Mexico facing the highest exposure to potential disruptions.
Further complicating the global employment outlook, the ILO estimates that 7 million fewer jobs will be created in 2025 due to slow economic growth and geopolitical tensions. The agency's findings are based on the April World Economic Outlook by the International Monetary Fund (IMF), which also revised global GDP growth projections downward. This scenario presents a stark reminder of the interconnectedness of global economies and the delicate balance required to sustain job growth.
In response to these challenges, the ILO advocates for investments in social protection, professional qualification, and the development of more inclusive labor markets. The agency's call to action highlights the need for international cooperation to navigate the uncertain economic landscape and mitigate the adverse effects on employment worldwide. As the global community grapples with these issues, the ILO's report serves as a critical resource for understanding the dynamics at play in the world of work.
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