The loss of jobs during the coronavirus pandemic has destroyed "five years of progress" a new UN report has revealed. And the situation is not expected to recover any time soon, APA reports citing DW.
Global job growth will not recover to pre-pandemic levels until 2023 according to a report published by the UN's International Labor Organization (ILO) on Wednesday.
The World Employment and Social Outlook report for 2021 projects that at least 220 million people were expected to be left unemployed this year, with only a slight improvement predicted for next year.
The global labor market was hit hard by the coronavirus pandemic, and slow recovery projects an unemployment figure of 205 million in 2022, still above the 187 million figure for 2019.
"Employment growth will be insufficient to make up for the losses suffered until at least 2023," the report said.
Job losses fueling renewed poverty
The massive loss of jobs has had a disastrous impact on global inequality with women, young people and those working in the informal sector hit the hardest.
The ILO report said that some 108 million more people have fallen into poverty or extreme poverty since 2019.
"Five years of progress towards the eradication of working poverty have been undone," the report claimed.
The UN labor agency predicted that around 30 million new jobs could have been created worldwide if the pandemic had not hit. Instead, many small businesses have gone bankrupt or are facing severe difficulties.