Throughout 2022, the global economy ebbed and flowed in conjunction with historically low unemployment and high inflation. Although some factors cooled throughout the year, the future of the global economy is still uncertain as several growth projections consistently decreased throughout 2022.
The unemployment rate among Organization for Economic Co-operation and Development (OECD) members remained steady at 4.9% in the fourth quarter of 2022. Employment growth is expected to decline globally. As the global economy slows down, the International Labor Organization predicts job growth to decline to 1.5% compared to previous forecasts of 2%.
In 2023, the number of unemployed people is expected to increase by 3 million. What will these numbers mean for the future of the Global Labor Market?
Read our Global Labor Market Report for Q4 of 2022, sponsored by CapRelo, for insights into the various labor markets around the world.