The global labour markets are facing serious, interlinked challenges, as issues such as growth in poverty, slowing employment, effects of inflation on wages and purchasing power, emerge as long-term structural challenges to demography, technology and climate change.
A new International Labour Organisation report, World Employment and Social Outlook: Trends 2023 , has raised concerns about inequality and effects of the global economic slowdown on the quality of employment.
It means global unemployment is slated to rise slightly in 2023, by around three million, to 208 million . Noting that a decade of progress in poverty reduction faltered during the COVID-19 crisis and despite a nascent recovery during 2021, it said the continuing shortage of better job opportunities is likely to worsen.
Sharing his thoughts on the report, ILO Director-General, Gilbert Houngbo, said the need for more decent work and social justice was clear and urgent. General Secretary, the Federation of Informal Workers’ Organisation of Nigeria , Gbenga Komolafe, said with the combination of dire global economic trends and unimaginative political leadership offerings in Nigeria, citizens’ hopes for a better 2023 might be dimmed.
With the challenges ahead, he said this might lead to local industries finding it more difficult to survive , leading more workers being squeezed out of formal employment.
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