According to a new UN report, the loss of jobs during the coronavirus pandemic has ruined “five years of progress”. And the ongoing condition is not likely to improve any time soon. Global job growth will not be recovered to pre-pandemic heights 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, 220 million people were likely to be left unemployed this year.
The global labor market was hit hard by the coronavirus pandemic, and deliberate recapture projects an unemployment figure of around 205 million in 2022, which is still above the 187 million figure for 2019.”Employment growth will be inadequate to make up for the losses suffered until at least 2023,” the report stated.
“Five years of progress towards the abolition of working on the poverty have been undone,” the report claimed.The UN labor agency has foreseen that about 30 million new jobs could have been created and emerged all over the world if the pandemic had not been an outburst. Instead, many small businesses have gone insolvent or are facing severe difficulties.