The International Labour Organization (ILO) released a new report titled the World Employment and Social Outlook: Trends 2020 (WESO).
Key highlights of the report:
- Due to slowing global economic growth, Global Unemployment is projected to increase by around 2.5 million in 2020.
- In addition to the global number of unemployed (188 million), 165 million people don’t have enough paid work and 120 million have either given up actively searching for work or otherwise lack access to the labour market. In total, more than 470 million people worldwide are affected.
- At the global level, income inequality is higher than previously thought, especially in developing countries. Worldwide, the share of national income going to labour (rather than to other factors of production) declined substantially between 2004 and 2017, from 54 % to 51 %.
- Currently working poverty (defined as earning less than US$3.20 per day in purchasing power parity terms) affects more than 630 million workers, or one in five of the global working population.
- Around 267 million young people (aged 15-24) are not in employment, education or training, and many more endure substandard working conditions.
Important Info :
The annual World Employment and Social Outlook (WESO) Trends report released by International Labour Organization (ILO) analyses key labour market issues, including unemployment, labour underutilisation, working poverty, income inequality, labour income share and factors that exclude people from decent work.
Source : Economic Times