Global labour markets are facing serious, interlinked challenges. Issues such as the growth in informality and working poverty, slowing employment growth, the effects of inflation on wages and purchasing power, come on top of longer-term structural challenges such as demographics, technology and climate change.
The new ILO report, World Employment and Social Outlook: Trends 2023 (WESO trends), raises particular concerns about inequality and the effects of the global economic slowdown on the quality of employment. It warns that, left unaddressed, the challenges facing the world of work threaten progress towards social justice.