According to a report from the International Labour Organization (ILO), more workers will be forced to accept lower quality and poorly paid jobs this year due to the global economic slowdown, according to a report from the International Labour Organization (ILO).
“The current slowdown means that many workers will have to accept lower quality jobs, often at very low pay, sometimes with insufficient hours”, the ILO’s 2023 World Employment and Social Outlook Trends report warned.
ILO warned that “high and persistent” uncertainty over the state of the global economy was eroding real wages and pushing workers back into informal employment, which can involve street selling, domestic work or refuse-picking through landfills.
The slowdown will stall the previous rise in living standards for global workers who will have fewer opportunities available to them.
“Progress in poverty reduction achieved over the previous decade has largely faltered and convergence in living standards and work quality is coming to a halt as productivity growth slows worldwide,” the report said.
The ILO said the ongoing shortage of better job opportunities was likely to worsen with the projected slowdown, “pushing workers into jobs of worse quality and depriving others of adequate social protection”.
The cost of living crisis, in which incomes have failed to keep up with rising inflation, is also pushing people into absolute or relative poverty across the world, the ILO explained. Price inflation was reducing demand for goods and services from low and middle-income countries, threatening employment and quality jobs.
The ILO said it does not expect the drop off in employment growth to be recovered until at least 2025, and raised further concerns over a projected slowdown in productivity, which it said was “essential for addressing the interlinked crises we face in purchasing power, ecological sustainability and human wellbeing”.
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