25.05.2022

ILO: THE LABOR MARKET SITUATION IS DETERIORATING

The labor market situation in the first quarter of 2022 was worse than at the end of last year and will continue to deteriorate in the second quarter, especially as a result of restrictions in China and events in Ukraine. This is the forecast of the International Labor Organization (ILO) from today.

In the first quarter of 2022, the total number of hours worked worldwide was 3.8% lower than in the fourth quarter of 2019 - before the introduction of restrictions, the report said. The ILO estimates that this decline will reach 4.2% between April and June this year, equivalent to the loss of 123 million full-time jobs.

"Overall working hours are expected to decline in the second quarter of 2022, mainly due to ongoing measures to curb the spread of the pandemic in China, exacerbated by the events surrounding the conflict in Ukraine," experts said.

According to the report, in the fourth quarter of last year, 3.2% fewer working hours were worked worldwide than in the fourth quarter of 2019.

Between January and March 2022, the situation worsened compared to the previous quarter, which is an "obstacle to the recovery" of economic life observed in 2021.

The International Labor Organization, a specialized agency of the United Nations, develops international policies to improve working and living conditions and sets international labor standards.