ILO slashes 2025 job forecast by 7 million
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The International Labour Organisation (ILO) has downgraded its global employment forecast for 2025, projecting 53 million new jobs instead of 60 million. This revision lowers expected employment growth from 1.7% to 1.5%, reflecting a weakening global economic outlook.
The ILO's latest World Employment and Social Outlook (WESO) Update is based on the International Monetary Fund (IMF)'s April 2025 World Economic Outlook, which now anticipates global GDP growth at 2.8%, down from 3.2%.
The report estimates that 84 million jobs across 71 countries are tied to US consumer demand. These jobs are increasingly vulnerable due to intensifying trade tensions, especially in the Asia-Pacific, which holds 56 million of them. Canada and Mexico face the highest exposure, with 17.1% of their jobs linked to the US.
ILO Director-General Gilbert F Houngbo warned of potential ripple effects if geopolitical tensions persist. The report also reveals a decline in labour's share of global income — from 53.0% in 2014 to 52.4% in 2024 — resulting in a $1 trillion loss in worker earnings.
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ILO slashes 2025 job forecast by 7 million
Listen to article The International Labour Organisation (ILO) has downgraded its global employment forecast for 2025, projecting 53 million new jobs instead of 60 million. This revision lowers expected employment growth from 1.7% to 1.5%, reflecting a weakening global economic outlook. The ILO's latest World Employment and Social Outlook (WESO) Update is based on the International Monetary Fund (IMF)'s April 2025 World Economic Outlook, which now anticipates global GDP growth at 2.8%, down from 3.2%. The report estimates that 84 million jobs across 71 countries are tied to US consumer demand. These jobs are increasingly vulnerable due to intensifying trade tensions, especially in the Asia-Pacific, which holds 56 million of them. Canada and Mexico face the highest exposure, with 17.1% of their jobs linked to the US. ILO Director-General Gilbert F Houngbo warned of potential ripple effects if geopolitical tensions persist. The report also reveals a decline in labour's share of global income — from 53.0% in 2014 to 52.4% in 2024 — resulting in a $1 trillion loss in worker earnings.
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