Global Unemployment Levels to Rise in 2021 as Global Economy Slows Down: ILO

The International Labor Organization (ILO) feels that global unemployment rate has bottomed out, after declining over the past nine years

Global Unemployment Levels to Rise in 2021 as Global Economy Slows Down: ILO

The International Labor Organization (ILO) feels that global unemployment rate has bottomed out, after declining over the past nine years, but could see a rise over the coming year on account of a slowdown in the global economy. In 2019, global unemployment rate remained steady at 5.4%, which is expected to continue into 2020, but could rise to 5.5% in 2021.

A slowdown in global economic growth, driven by weakness in manufacturing as a result of the continued trade tensions, could cause unemployment levels to stop sliding lower. In addition, even among the employed workforce, it is becoming harder to exit poverty or improve their standards of living.

According to ILO’s Director-General Guy Ryder, “Persisting and substantial work-related inequalities and exclusion have prevented them (millions of people) from finding decent work and better futures.”

While around 188 million people globally remain unemployed, around 470 million people have insufficient paid work or are under-employed, and lack access to the labor market worldwide. The ILO report also reveals rising difficulty for young workers aged between 15 and 24 to find meaningful opportunities for employment, education or training.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers