New figures from the UN International Labor Organization indicate that the global labor market is slow to recover from the COVID-19 pandemic, and that the economies of lower-income countries are worse off than those of richer countries.
Earlier this year, ILO economists had anticipated a weak but steady recovery in the global labor market. Nevertheless, acknowledge that this relative optimism has now faded due to new waves of the pandemic and a slower-than-expected economic recovery.
Based on their findings, the UN agency now projects that the number of global hours worked this year will be 4.3% below pre-pandemic levels. This equates to a loss of 125 million full-time jobs.
The Director-General of the ILO, Guy Ryder, even more worrying is what he sees as the two-speed recovery between the highest and lowest income countries.
This is reflected in the fact that higher-income countries with more resources managed to recover in 2021 at least to some extent, while lower-income countries continue to suffer severely from the pandemic. The pandemic has also exacerbated inequalities between and within countries.”, He expressed in statements to the media.
Ryder blames this growing divergence on differences in the deployment of COVID-19 vaccines and fiscal stimulus packages. Say what the rate of recovery of each nation depends largely on its ability to vaccinate its populationBut it will also depend on the ability of countries to provide a financial cushion to protect workers and companies from the economic impact of the pandemic.
“In low- and middle-income countries, fiscal restrictions and slow vaccination progress are expected to continue to hamper progress. And without concrete financial and technical support, the great divergence between developed and developing countries will persist ”, he insisted.
The ILO reports that the prospects for the recovery of the labor market for the rest of the year remain weak and uncertain. Ryder says that no country or region will emerge from this crisis alone. He says that the only sustainable way out of this socioeconomic and health dilemma is for all nations to work together.
Voice of america