Latest news with #GilbertF.Houngbo
Yahoo
2 days ago
- Business
- Yahoo
The trade war will cost 7 million jobs in 2025, according to a U.N. report. Here's the breakdown
The International Labor Organization (ILO), an agency of the United Nations, has downgraded its global employment forecast for 2025, saying 'the global economy is growing at a slower pace than we had anticipated.' Spicy AI-generated TACO memes are taking over social media because 'Trump always chickens out' Lego's first book nook is an addictively interactive diorama Forget quiet quitting: I'm using 'loud living' to redefine workplace boundaries In its latest edition of its World Employment and Social Outlook Trends report, the ILO forecast that 7 million fewer jobs would be created in 2025 globally, for a total of 53 million jobs, down from 60 million—based on economic growth projections from the International Monetary Fund's (IMF) April 2025 World Economic Outlook. The numbers translate into slower overall employment growth across the globe in 2025, down to 1.5% from 1.7%; and lower expected GDP growth of 2.8%, down from previous forecasts of 3.2%. 'Our report now tells us that if geopolitical tensions and trade disruptions continue, and if we do not address fundamental questions that are reshaping the world of work, then they will most certainly have negative ripple effects on labor markets worldwide,' ILO Director-General Gilbert F. Houngbo said in a statement. The report found the United States was a driving factor in worldwide employment growth, with 84 million jobs across 71 countries 'directly or indirectly tied to U.S. consumer demand, now increasingly at risk of disruption due to elevated trade tensions.' Of those 84 million jobs, 56 million are located in the Asia-Pacific region. However, Canada and Mexico have the highest share of jobs (17.1%) that are exposed to trade disruption. The report does make some recommendations: Houngbo said countries and employers can make a difference 'by strengthening social protection, investing in skills development, promoting social dialogue, and building inclusive labor markets to ensure that technological change benefits all.' This post originally appeared at to get the Fast Company newsletter:
Yahoo
3 days ago
- Business
- Yahoo
America's trade war could mean 7 million fewer jobs across the world, U.N. says
International growth is slowing, fewer new jobs will be created, and the global income gap is rising — largely because of elevated trade tension spearheaded by U.S. President Donald Trump. That's according to the International Labour Organization (ILO), a UN agency, whose new report is based on the IMF's April 2025 'World Economic Outlook.' The IMF also singled out new tariffs and a 'highly unpredictable environment.' 'If geopolitical tensions and trade disruptions continue, and if we do not address fundamental questions that are reshaping the world of work, then they will most certainly have negative ripple effects on labour markets worldwide,' said ILO Director-General Gilbert F. Houngbo in a release accompanying the report. The ILO had previously anticipated 60 million new jobs being created in 2025; that has been downgraded to 53 million. Global GDP growth is expected to slow 0.4%. The ILO says that 84 million jobs in 71 countries are tied to U.S. consumer demand; most of those jobs are in the Asia-Pacific region, but Canada and Mexico are in particular danger, with 17.1% of their job markets exposed to uncertainty due to U.S. policy. Meanwhile, the proportion of GDP going to global workers, known as the labour income share, fell 0.6% in 2024. Income inequality could get much worse soon: High-skilled occupations are at risk of being displaced by generative AI, reports the ILO. Some good news: More women are working in high-skilled occupations, up two percentage points between 2013 and 2023 to 23.3%. Houngbo said the overall economic numbers are 'sobering, but they can also act as a roadmap for the creation of decent jobs,' advising countries to focus on 'strengthening social protection, investing in skills development, promoting social dialogue, and building inclusive labour markets to ensure that technological change benefits all. 'And we must do so with urgency, ambition, and solidarity,' he concluded. For the latest news, Facebook, Twitter and Instagram.
Time of India
3 days ago
- Business
- Time of India
ILO lowers employment generation forecast for 2025 to 53 million from 60 million projected earlier
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The International Labour Organization ILO ), on Wednesday, revised down its global employment forecast for 2025 to 53 million jobs as against earlier estimates of estimated 60 million jobs created worldwide this year following a downward revision in economic growth.'This translates into a reduction in global employment growth from 1.7% to 1.5% this year.' ILO said in its World Employment and Social Outlook (WESO) Update released on Wednesday.'The drop, which is the equivalent of around seven million fewer additional jobs, reflects a downgraded global economic outlook, as GDP growth is expected at 2.8%, down from a previous projection of 3.2%,' it addition, the ILO estimates that close to 84 million jobs across 71 countries are directly or indirectly tied to US consumer demand and are at risk.'These jobs and the incomes they support are now increasingly at risk of disruption due to elevated trade tensions,' it said, adding 56 million of these jobs are concentrated in the Asia-Pacific and Mexico, however, have the highest share of jobs, 17.1%, that are exposed.'We know that the global economy is growing at a slower pace than we had anticipated it would. Our report now tells us that if geopolitical tensions and trade disruptions continue, and if we do not address fundamental questions that are reshaping the world of work, then they will most certainly have negative ripple effects on labour markets worldwide,' ILO director-general Gilbert F. Houngbo report also highlights troubling trends in income distribution. 'The labour income share , which is the proportion of GDP going to workers, fell globally to 52.4% in 2024 from 53% in 2014 with Africa and the Americas experiencing the largest declines,' it per the report, had this share remained unchanged, labour income globally would have been $1 trillion higher in 2024, or $290 more per worker in constant purchasing power terms.'This erosion in the share of global income going to workers puts upward pressure on inequality and highlights a disconnect between economic growth and worker compensation,' ILO the effects of new technologies on the world of work, the report said that nearly one in four workers may find their jobs transformed by generative AI.'A larger share of jobs in medium-skilled occupations have some degree of exposure, but a greater percentage of jobs in high-skilled occupations have high exposure, whereby existing tasks could potentially be automated by AI,' it said.
Deccan Herald
3 days ago
- Business
- Deccan Herald
UN labour body cuts global job forecast amid economic slowdown
Geneva: The United Nation's agency for labour on Wednesday cut its global employment forecast for job growth this year to 1.5 per cent due to a worsening global economic outlook and trade 53 million jobs will be created this year, that is seven million less than previously thought as economic growth predictions were lowered to 2.8 per cent, from 3.2 per cent, the International Labour Organization (ILO) said in a calls Gen AI a civilisational shift, to build large pool of AI agents to work alongside humans."Economic uncertainty has been high in 2025, shaped by ongoing conflicts, geo-economic realignments, and trade-related disruptions," the report of the 84 million jobs across 71 countries that are linked to US consumer demand are increasingly at risk of disruption due to trade tensions, the ILO said. Jobs in Canada and Mexico have the highest share of jobs exposed, it added.."If geopolitical tensions and trade disruptions continue, and if we do not address fundamental questions that are reshaping the world of work, then they will most certainly have negative ripple effects on labour markets worldwide," said the ILO Director-General Gilbert F. Houngbo.
Daily Tribune
05-05-2025
- Business
- Daily Tribune
Bahrain, ILO Highlight Labour Achievements at High-Level Roundtable
The Bahrain Chamber of Commerce and Industry (BCCI), in collaboration with the International Labour Organization (ILO), held a high-level roundtable to showcase Bahrain's progress in upholding workers' rights and promoting fair labour practices. The event, titled 'Fundamental Principles and Rights at Work: Reviewing Bahraini Successes in Promoting Social Justice and Workers' Rights,' took place on the sidelines of the Bab Al Bahrain Forum and brought together key representatives from the government, employers, and trade unions. Attendees included officials from the Ministry of Labour, the General Federation of Bahrain Trade Unions (GFBTU), the Free Federation of Bahrain Trade Unions (FFBTU), and senior figures from the ILO. Discussions centred around strengthening cooperation, particularly in areas such as occupational safety, social dialogue, and sustainable workplace development. In his welcome remarks, Khalid Mohammed Najibi, First Vice Chairman of BCCI, reaffirmed the private sector's commitment to supporting labour rights and social justice, aligned with international standards. ILO Director-General Gilbert F. Houngbo praised Bahrain's balanced labour system and its commitment to protecting the rights of both employers and workers. He commended the Kingdom for being a trusted partner of the ILO in the region and for its forward-thinking legislation. His Highness Shaikh Khalifa bin Salman bin Mohammed Al Khalifa, Undersecretary of the Ministry of Labour, highlighted ongoing reforms to enhance labour laws for a more sustainable and fair job market. He also acknowledged the role of the Social Insurance Fund in protecting workers and supporting economic resilience. Labour Market Regulatory Authority (LMRA) CEO Nibras Talib emphasized Bahrain's leadership in addressing workforce challenges and commended its swift response during the COVID-19 pandemic. Trade union leaders, including Abdulqader Abdulkarim Al Shehabi (GFBTU) and Yaqoub Yusuf (FFBTU), echoed appreciation for Bahrain's inclusive labour policies and called for continued improvements to ensure equality for all workers—Bahraini and expatriate alike. The session concluded with a unified call to continue advancing Bahrain's labour market through cooperation, dialogue, and policy reforms in line with international labour standards.
