I.L.O. Says Pandemic’s Jobs Toll Will Take Years

Overall, the global economy is unlikely to restore those lost jobs until at least by 2023, and that will depend on progress in curbing the spread of the coronavirus, a prospect now overshadowed by its resurgence in Asia and parts of Latin America.

Rich countries, with access to vaccines and the financial resources to support wage-support plans, will recover faster. The United States is likely to face unemployment of around 5.1 percent this year, the report said, dropping to around 3.9 percent in 2022, a level marginally lower than at the start of the pandemic.

But around the world, some 205 million people will still be unemployed in 2022, up from 187 million before the pandemic started, the organization said, most of them in lower income and poor countries. “This unequal recovery risks accentuating still further inequalities in the world of work between countries and within countries,” Mr. Ryder said.

The pandemic has had a “dramatic” social impact, disproportionately hitting employment of women and youth; reversing progress in reducing forced and child labor, and sharply driving up the number of working people still trapped in poverty, Mr. Ryder said.

“It’s very difficult to make comparisons with the 1930s, but we’re in that sort of territory,” he said, referring to the Great Depression. “Unless we take care of what’s happening in the world of work and labor markets, there are some very unpleasant things that can happen in the world.”

Article source: https://www.nytimes.com/2021/06/02/business/pandemic-jobs-global-employment.html