The International Labor Organization ILO Monday said that simultaneous crises are putting pressure on labor markets globally.
Unveiling the 10th business monitoring report, ILO noted that the outlook for international labor markets has worsened in recent months.
The many economic and political crises which burst one after the other, threaten the improvement of the labor market, according to the Organization.
In this context, the ILO has warned of the risk of worsening unemployment and inequality.
The report predicts that global employment growth will fall in the last quarter of 2022, due to the economic turmoil caused by the war in Ukraine, and the effects of strong monetary rigidity on consumption.
In addition, rising rates of inflation are causing real wages to fall in many countries, the report reads – adding that it follows falling incomes during the Covid-19 crisis.