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The pace of economic recovery is slowing down, ILO warns
This has been said in a new report of ILO released on Thursday – 'World Employment and Social Scenario: Trends 2025'. This report highlights the slowdown of the global economy. This is affecting labor markets and hampering progress in the recovery from the last economic recession. According to the report, global employment growth in 2024 will be in line with the labor force, keeping the unemployment rate at the same level as the year before. , young people faced very high unemployment rates, with little sign of improvement. Informal work and people classified as working poor, before the pandemic and low-income countries have faced the greatest difficulties in creating good jobs for their citizens. Recovery ChallengesAccording to the labor scenario, the global economy expanded at a moderate rate to 2024. Continued to do so, which slowed down at the end of the year. This moderate growth is expected to continue through 2025 and over the medium term. While inflation rates have decl...