Latest news with #ILO
Express Tribune
6 hours ago
- Business
- Express Tribune
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.
Fast Company
7 hours ago
- Business
- Fast Company
The trade war will cost 7 million jobs in 2025, according to a UN 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.' In its latest edition of its World Employment and Social Outlook Trends report, the ILO forecast 7 million less 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.'
Yahoo
10 hours 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.
Deccan Herald
12 hours ago
- Business
- Deccan Herald
More than 200 jobs cut at International Labour Organization as US slashes funding
The US accounts for 22 per cent of the ILO's $880 million two-year budget for 2026-2027, expected to be approved at the ILO's International Labour Conference next week.
Time of India
13 hours 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.
