World Employment and Social Outlook Trends 2023 report released

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World Employment and Social Outlook Trends 2023″ report released

Recently, the “World Employment and Social Outlook: Trends 2023” report has been released by the International Labor Organization (ILO).

It is an annual report issued by the International Labor Organization (ILO). This report provides projections related to the labor market for 2023 and 2024. In addition, it also reveals trends in labor productivity growth.

Main findings of the report-

  • Global employment will increase by only 1 percent in the year 2023. The global unemployment rate has been estimated at 5.8 percent.
  • Emerging geopolitical tensions, recovery from the pandemic and problems in supply chains have exacerbated the downward trend in the labor market.
  • In the year 2022, the labor force participation rate of women was 47.4 percent, while the participation of men was 72.3 percent.
  • Annual employment growth is estimated to be around 1% in Asia and the Pacific and Latin America and the Caribbean.

International Labor Organization (ILO)

  • ILO is a specialized agency of the United Nations. It’s headquarter is located in Geneva, Switzerland.
  • It is the only tripartite United Nations agency, which brings together governments, employers and workers from 187 member states.
  • It aims to create labor standards to promote decent work for all women and men around the world.
  • It was formed in the year 1919 under the Treaty of Versailles.
  • It was awarded the 1969 Nobel Peace Prize for promoting fraternity among nations by ensuring social justice.

Other reports published by ILO are: Global Wage Report and World Social Security Report.

Source – The Hindu

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