The International Labor Organization says unemployment worldwide fell slightly last year, but is warning about a lack of opportunities, falling job security and declining quality of work in the global marketplace.
The Geneva-based organization that regroups governments, labour groups and corporates says most of the 3.3 billion people employed have “inadequate” work conditions, job security and “material well-being.” Despite having employment, 700 million people live in “extreme or moderate poverty.”
The World Employment Social Outlook released Wednesday projected trends by region: For example, it said Africa is expected to face economic growth rates too low to provide enough “quality” jobs for its workforce.
The world unemployment rate dropped to 5 per cent last year, from 5.1 per cent in 2017. The ILO projected another dip to 4.9 per cent in 2019 and 2020.