However, this trend was driven by an increase in informal jobs, jeopardizing 15 years of progress trend towards formalization. The Monitor finds that worsening labour market conditions are affecting both employment creation and the quality of jobs, pointing out that there is already data that suggests a sharp labour market slowdown.Īt the beginning of 2022, the number of global hours worked was recovering strongly, notably in higher-skilled occupations and among women. ![]() The effects are being felt through food and energy inflation, declining real wages, growing inequality, shrinking policy options and higher debt in developing countries.Ī slowdown in economic growth and aggregate demand will also reduce demand for workers as uncertainty and worsening expectations affect hiring. The report finds that labour market inequalities are likely to increase, contributing to a continued divergence between developed and developing economies.Īccording to the Monitor, a set of multiple and overlapping crises, compounded by the Ukraine war and subsequent negative spill-over effects, have materialized over 2022 which have impacted the world of work deeply. ![]() ![]() ![]() This comes on top of significant declines in income during the COVID-19 crisis, which affected low-income groups most in many countries. The 10th edition of the Monitor on the World of Work confirms that rising inflation is causing real wages to fall in many countries.
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