The first quarter of 2023 was met with persistent economic uncertainty, global worker strikes and protests, and steady inflation, inciting fear that the global economy will recover more slowly than previously expected. In 2023, the global economy is expected to improve as business and consumer sentiment recover while remaining below previous estimates, predicted only to expand by 2.8% in 2023.
While the global economy seems to slowly recover, the global unemployment rate remains low. The unemployment rate among Organization for Economic Co-operation and Development (OECD) members remained steady at 4.89% in the first quarter of 2023, a slight decrease from Q4 of 2022.
Globally, workers have expressed their discontent with the current labor market. Strikes in the UK, France, Germany, and Spain give insight into the workers’ perspective of the labor market and will likely continue occurring until economic factors subside or demands are met.
Read our full report for more insights on how global labor markets are reacting to this period of economic uncertainty.