Although youth represented only 13 per cent of total employment before the crisis, they made up 34.2 per cent of the 2020 decline in employment. The NEET rate had remained unchanged from 2015 to 2019 at 21.8 per cent but increased to 23.3 per cent in 2020, representing an addition of almost 20 million youth. The proportion of the world’s youth not in education, employment or training (NEET) is now at its highest level since 2005. In 2021, 4.3 per cent of global working hours were lost compared with the fourth quarter of 2019, which is equivalent to a deficit of 125 million full-time jobs (assuming a 48‑hour working week). Meanwhile, the level of unemployment underestimates the full employment impact of the crisis since many who left the labour force have not come back nor does it reflect the reduction in working hours for those who remained employed. ILO projects that unemployment will remain above its 2019 level until at least 2023. In 2021, the global unemployment rate declined slightly to 6.2 per cent, which is still well above the pre-pandemic rate of 5.4 per cent. In 87 per cent of countries with recent data, professionals earn per hour on average more than double what workers in elementary occupations earn. Globally women continue to be paid 19 per cent less than men according to an International Labour Organization (ILO) 2018/2019 study. A disproportionate impact on informal workers was reflected in a decline in the informal employment rate in some countries at the height of the crisis, which has left informal workers and their families in a highly precarious position, exposed to sudden income losses and heightened risks of falling into poverty.Įqual treatment in employment is part and parcel of decent work. Rather than become unemployed or shift to informal jobs, as in previous crises, laid -off employees and self-employed workers alike left the labour force. COVID-19 pandemic containment measures and mobility restrictions prevented labour reallocation to informal employment. Prior to the onset of the pandemic, informal employment represented 60.2 per cent of global employment in 2019. Global labour productivity rebounded sharply in 2021, rising by 3.2 per cent. In 2020, the output per worker dropped by 0.6 per cent, the first such decline since 2009. Globally, output per worker grew at an average annual rate of 1.6 per cent between 20. The COVID-19 pandemic resulted in unprecedented, volatile developments in labour productivity levels. The real GDP of least developed countries had increased by 5.0 per cent in 2019 but showed no growth in 2020 because of the disruption caused by the pandemic. The war in Ukraine is likely to downgrade global growth. Global real GDP per capita is estimated to have rebounded at a growth rate of 4.4 per cent in 2021 and is projected to increase again by 3.0 per cent in 2022 and 2.5 per cent in 2023 based on pre-war estimations. The conflict in Ukraine is expected to seriously set back global economic growth in 2022.įollowing an increase of about 1.4 per cent in 2019, global real GDP per capita decreased sharply by 4.4 per cent in 2020. Although the global economy started to rebound in 2021, waves of spreading COVID-19 infections together with rising inflation, major supply chain disruptions, policy uncertainties and unsustainable debt of developing countries caused the global economy to slow down at the end of 2021. In 2020, the COVID-19 pandemic unleashed the worst economic crisis in decades, with a severely damaging impact on working time and income.
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