The International Labour Organisation (ILO) stated on Wednesday that an exacerbation of the global employment gap is occurring between high-income and low-income countries. This alarming trend is attributed to the disproportionate impact of escalating debt levels on developing nations.
In light of this concerning situation, the ILO has strongly urged nations to extend global financial support aimed at fostering job creation and enhancing social protection measures. Such concerted efforts are crucial to effectively address and mitigate the growing divide between high-income and low-income countries.
The latest edition of the ILO’s Monitor on the World of Work highlights a positive global trend, with projected unemployment rates falling below pre-pandemic levels, estimated at 191 million individuals or a 5.3% rate. However, a notable discrepancy emerges as low-income countries encounter hurdles in their recovery trajectory. The findings underscore the urgency for tailored strategies and comprehensive assistance to ensure a balanced and inclusive resurgence of these economies.
The report indicates that low-income countries in Africa and the Arab region are facing significant challenges in their recovery efforts, as they are unlikely to reach pre-pandemic levels of unemployment this year. Specifically, in North Africa, the jobless rate is projected to reach 11.2%, surpassing the 10.9% recorded in 2019. This sobering observation highlights the enduring impact of the pandemic on these regions, underscoring the imperative for targeted interventions and sustained support to foster inclusive economic revival.
The ILO acknowledges the compounding challenges posed by rising debt levels in developing nations, hindering policy intervention. To address this, the ILO is launching the Global Coalition for Social Justice, advocating for social justice as a crucial element in national, regional, and global policies.
ILO Director-General Gilbert F. Houngbo emphasized the significance of investing in people through job creation and social protection as a means to bridge the gap between wealthy and impoverished nations and individuals. By prioritizing such investments, it becomes possible to foster greater equality and create pathways for socioeconomic advancement on a global scale.