ILO Revises Global Employment Forecast for 2025: A Stark Warning for Job Creation
Teh International Labor Organization (ILO) has revised its global employment forecast for 2025, slashing the expected creation of new jobs from 60 million to 53 million.This adjustment signals a decline in global employment growth from 1.7% to 1.5%, indicating a shortfall of nearly 7 million new jobs.The primary driver behind this change is a dimming outlook for the global economy, with GDP growth projections reduced from 3.2% to 2.8%.
The latest update from the World Employment and Social Outlook highlights that approximately 84 million jobs across 71 countries are directly or indirectly reliant on U.S. consumer demand. this dependency places these jobs at risk amid rising trade tensions. Notably, 56 million of these jobs are concentrated in the Asia-Pacific region, while Canada and Mexico face a meaningful challenge, with 17.1% of their total employment tied to U.S. demand. Furthermore,the share of labor income as a percentage of GDP has declined globally,dropping from 53% in 2014 to an estimated 52.4% in 2024. This trend raises concerns about the sustainability of job growth and the economic well-being of workers worldwide, notably in a landscape marked by uncertainty and shifting economic dynamics.
