competition success review Published this article page no 100 WORLD EMPLOYMENT AND SOCIAL OUTLOOK Why in News? International Labour Organisation (ILO) has released the World Employment and Social Outlook Trends 2020 (WESO) report. Highlights of the Report The annual WESO Trends report analyses key labour market issues including unemployment labour underutilisation working poverty income inequality labour income share and factors that exclude people from decent work. Slow Pace and skewed structure of economic growth in lowincome countries It endangers efforts to reduce poverty and improve working conditions. o Over the past 18 years average per capita growth has been only 1.8 per cent in lowincome countries. o Between 2000 and 2018 the employment share of agricultural and elementary occupations declined by only 6 percentage points in lowincome countries (to 69 per cent) Labour Underutilisation Mismatch between labour supply and demand extends far beyond the 188 million unemployed across the world in 2019. o More than 470 million people worldwide lack adequate access to paid work as such or are being denied the opportunity to work the desired number of hours. Shortage of job expected to continue Global unemployment is projected to increase by around 2.5 million in 2020. o The global unemployment rate stood at 5.4 per cent in 2019 and is projected to remain essentially the same over the next two years. o Given the high level of uncertainty over how trade and geopolitical tensions in the coming years will affect business and consumer confidence and thereby job creation competition success review buy.
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