UN Labor Agency: War in Ukraine and other crises harm jobs | WGN 720 Radio

GENEVA (AP) — The U.N. labor agency warned Monday that jobs and employment growth worldwide were expected to decline in the fourth quarter as the war in Ukraine and “multiple and overlapping crises” pushed down wages, increased debt and increased inequality. .

Gilbert Hongbo, the new director-general of the International Labor Organization, called on governments to intervene to help set commodity prices, redirect “windfalls” and increase income support and social protection.

“Addressing this very worrying global employment situation and preventing a significant downturn in the labor market will require comprehensive, integrated and balanced policies at both the national and global levels,” he said in a statement.

Hunbo said that a quick end to the war in Ukraine “will further improve the employment situation in the world.”

The ILO noted a recovery in hours worked globally at the start of the year, particularly among women and highly skilled workers, as the global economy recovered from punishment during the coronavirus pandemic.

The agency, which released the 10th edition of its World of Work Monitor report on Monday, said the situation had worsened, with working hours falling by 1.5% – equivalent to a “shortfall” of around 40 million full-time workers. time jobs.

“The outlook for the labor market is currently highly uncertain, with downside risks rising, including the effects of high inflation, tightening monetary policy, increasing debt burdens and declining consumer confidence,” the report said.

“While it usually takes time for an economic slowdown or recession to result in job destruction and unemployment, available evidence suggests that a sharp slowdown in the labor market is already underway,” the report added.

According to ILO estimates, more than 10% of Ukraine’s pre-war workforce – mostly women – are now in neighboring countries as refugees.