ILO / LABOUR MARKET REVERSE

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23-May-2022 00:03:59
Multiple global crises are causing a marked deterioration in the global labour market recovery, with increasing inequalities within and between countries, according to a new report from the International Labour Organization (ILO). ILO

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STORY: ILO / LABOUR MARKET REVERSE
TRT: 3:59
SOURCE: ILO
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 23 MAY 2022, GENEVA, SWITZERLAND

SHOTLIST:

1.Wide shot, press briefing room
2.SOUNDBITE (English) Guy Ryder, ILO Director-General:
“Now, the message today is that to a great extent, this nascent labour market recovery has now stalled or even gone into reverse. In some, the recovery is in trouble.”
3.Wide shot, press briefing room
4. SOUNDBITE (English) Guy Ryder, ILO Director-General:
“The news is actually not very good. The first quarter of this year has actually seen a reversal of the previous improvement in the number of hours actually worked in the global economy. So, the first quarter figures for this year are that the world is working at a rate of 3.8 percent below pre-pandemic peak work. And that is a deterioration because in the last quarter of 2021, the corresponding figure was 3.2 per cent. So we're going backwards and that is very worrying. I have to say this marks a serious downgrading of our estimates from our previous ones in in December. So the recovery is in trouble, there's no doubt about that. And if you look a little bit closer, what do we find? We find that the advanced economies, the richest economies in the world are doing better and unfortunately that the middle-income and lower-income countries are correspondingly doing worse. So, we're seeing a continuation, maybe an aggravation of what we've called a great divergence in recovery trajectories between different income groups. And that should concern us. And in similar terms, the gender gap is getting worse, both in terms of income and ours worked. Women who were catching up a little bit on the ground lost during the pandemic, well, that's being lost once more. So, there's a lot to concern us.”
5. Wide shot, press briefing room
6. SOUNDBITE (English) Guy Ryder, ILO Director-General:
“What I think is important is that we're seeing a combination of factors at play. We're seeing the lingering effects of the COVID19 pandemic. The lockdowns, particularly in China in recent weeks, has had a major impact on the figures that we're releasing today. And now we're beginning to see the shockwaves coming out of the war in Ukraine. Shock waves transmitted through three channels. Those channels are obviously the interruption of energy supplies and the increase of energy prices. Same for food. We know that Russia and Ukraine are major food exporters so there's a genuine food security crisis out there. And finally, financial crisis. Countries have spent a great deal of resources, sometimes to the limit of what they have, trying to protect people and mitigate the impact of COVID-19. And now we find many countries, particularly developing and emerging countries under a real threat to their debt sustainability. So, we have to juggle all of these elements and we think, and it's a key message of our report, that the international community really does have to come together and find new ways of promoting the human centred recovery that the ILO has been arguing for, for the last two or three years.”
7.Wide shot, press briefing room
8. SOUNDBITE (English) Guy Ryder, ILO Director-General:
“We talk about the need to protect, as you would expect, the most vulnerable, those in most difficulty, the need for social protection to be factored into the way governments are responding. We're arguing for dialogue, bringing together governments, employers, and workers to find acceptable solutions in situation things which are undoubtedly very difficult. That adds to the legitimacy and acceptability of solutions. And we're saying that as people are looking more and more towards inflationary pressures, macroeconomic policy settings have to be treated very sensitively. We've made mistakes in the past, in the macroeconomic settings in response to crisis. I think of the financial crisis of 2008 - 2009. We must not repeat them, notwithstanding the very real financial straits that many countries find themselves in.”
9. Wide shot, press briefing room

STORYLINE:

Multiple global crises are causing a marked deterioration in the global labour market recovery, with increasing inequalities within and between countries, according to a new report from the International Labour Organization (ILO).

The 9th edition of the ILO Monitor on the World of Work, finds that after significant gains during the last quarter of 2021, the number of hours worked globally dropped in the first quarter of 2022, to 3.8 per cent below the pre-crisis benchmark (fourth quarter of 2019). This is equivalent to a deficit of 112 million full-time jobs. This represents a significant downgrading of figures published by the ILO in January 2022.

Multiple new and interconnected global crises, including inflation (especially in energy and food prices), financial turbulence, potential debt distress, and global supply chain disruption - exacerbated by war in Ukraine - means there is a growing risk of a further deterioration in hours worked in 2022, as well as a broader impact on global labour markets in the months to come.
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