GENEVA — The UN jobs agency warned on Monday that job vacancies and job growth are expected to decline globally in the fourth quarter as the war in Ukraine and “multiple and overlapping crises” have led to falling wages, rising debt and gaping inequalities.
Gilbert Houngbo, the new director-general of the International Labor Organization, called on governments to step in to help fix the prices of goods, redirect “windfall profits” and strengthen income support and social protections.
“Addressing this deeply concerning global employment situation and preventing a significant downturn in the labor market will require comprehensive, integrated and balanced policies, both nationally and internationally,” he said in a statement. .
Houngbo said a quick end to the war in Ukraine “would do more to improve the global employment situation.”
The ILO noted a rebound in total hours worked at the start of the year, particularly among women and workers in high-skilled jobs, as the global economy recovered from the punishment during the coronavirus pandemic. coronavirus.
The agency, which published the 10th edition of its monitoring report on the world of work on Monday, indicates that the situation has deteriorated with a drop in the number of working hours of 1.5%, the equivalent a “deficit” of some 40 million euros. -time jobs.
“The outlook for the labor market is currently highly uncertain, with growing downside risks, including the effects of high inflation, tighter monetary policy, rising debt burdens and falling consumer confidence,” the report said.
“While it normally takes time for an economic slowdown or recession to lead to job destruction and unemployment, available data suggests that a sharp downturn in the labor market is already underway,” he said. -he adds.
The ILO estimates that more than 10% of Ukraine’s pre-war workforce – mostly women – are now in neighboring countries as refugees.