Unemployment will rise by 2.5 million says ILO's World Employment and Social Outlook: 2020

In a new report, International Labour Organization (ILO) said global unemployment would increase by 2.5 million in 2020.

ILO released its latest survey, World Employment and Social Outlook: 2020 (WESO) on January 20, 2020. According to it, nearly half a billion people have no jobs or are underutilised or do not have decent jobs.

After being roughly stable for nearly nine years, the global economy is slowing and fewer new jobs are being created, leading to fewer jobs for the new entrants in the labour market.

Currently there are about 188 million people who are unemployed and another 165 million people do not have decent and well paying jobs. Add to this 120 million people who either have either given up actively searching for lack access to the labour market. More than 470 million people worldwide are affected, the survey finds.

The report said the progress on Sustainable Development Goal 1 is seriously hampered because lack employment will increase working poverty, in developing countries in 2020-21. Working poverty is defined as earning $3.20 per day based on purchasing power parity. Lack of viable employment has affected more than 630 million workers which means or a fifth of the global working population.

The report adds that around 267 million young people aged 15-24 are not in employment, education or training, and many more endure substandard working condition.