Regarding the probability of recovery of labor markets compared to the pre-pandemic period, the ILO (International Labor Organization) lowered its forecasts in May 2021. According to the fourth quarter of 2019, the global gap equivalent to 52 million full-time jobs is expected to continue in 2022.
While a deficit equivalent to 26 million full-time jobs was expected in the aforementioned forecasts, it is expected that the effects of the pandemic will continue to affect the labor markets at least until 2023. The reason for the decrease in the forecasts for 2022 is the continuing uncertainties of the future course of the Omicron and Delta variants on the business world and on a global scale.
It is estimated that the global workforce participation in 2022 will be 1.2 percentage points behind 2019 compared to 2019. In addition, in the report published by the ILO, it is emphasized that inequality in access to vaccines is the reason for the decline in the labor market.
