The global labor market will take longer to recover than previously thought, according to a recent report by the International Labour Organization, as the world goes through a pandemic recovery tainted by the response to the Omicron variant.
“The International Labour Organization (ILO) has downgraded its forecast for labor market recovery in 2022, projecting a deficit in hours worked globally equivalent to 52 million full-time jobs, relative to the fourth quarter of 2019,” said the news release of the “World Employment and Social Outlook—Trends 2022” report (pdf) published Monday.
