The 10th edition of the International Labour Organization’s (ILO) monitoring report on the World of Work, released on Monday, predicted that the next quarter of 2022 will ‘seriously worsen’ for worldwide job growth.
The research has attributed this decline to both the stricter monetary policy on consumption and the economic unrest brought on by Russia’s invasion of Ukraine.
According to the United Nations organisation, 40 million fewer full-time jobs were created between July and September of this year when compared to the fourth quarter of 2019, the year before the pandemic, which was used as the benchmark level. ‘On current trends, global employment growth will deteriorate significantly in the fourth quarter of 2022,’ the organisation said.
The research claims that the second and third quarters of 2022 saw a decline in global hours worked, which was due to the reinstatement of Covid-related regulations that had disrupted the Chinese labour market.
The ongoing conflict in Ukraine is another factor contributing to the decline, which has also negatively impacted exports of food and energy and subsequently caused inflation.
The ILO has also raised an alarm about the declining job vacancies and rise in unemployment in the upcoming months noting the sharp declines in vacancy growth as well as signs of the labour market cooling considerably in advanced economies.
This also comes amid several major companies across the world announcing job cuts affecting thousands of people across the world.
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