Economic Setbacks Can Give Birth To Low-Quality Jobs, Reports The UN
The latest report from International Labour Organization (ILO) suggests that the global economy is suffering from unprecedented setbacks. In the United States, for instance, the fear of the looming recession is posing challenges. The inflation rate is raising high and high – breaking the records of the last five decades. Similarly, the cost of living is edging with every passing day. On top of that, the Fed has hinted at least 5% interest hikes in interest rates by February 2023. Plus, massive unemployment among young Americans is also soaring as leading companies in the country lay off their employees. Consequently, the economy is struggling with massive setbacks.
As a result of these crises, average Americans are struggling with making ends meet. To bring food to the table, average Americans are struggling with landing a “good quality” job. The latest report from the United Nations (UN) asserts that these economic crises are forcing average Americans to go for poor-quality jobs.
Furthermore, the report highlights that when a superpower country like the United States is struggling with these crises, other countries remain out of question. Third-world countries like South Africa, Sudan, Nigeria, and poor Asian countries are dealing with these economic crises. As these countries are less developed, average citizens end up working in poor-quality jobs. Thus, the report highlights that the situation can worsen throughout the world if authorities do not take strict measures.
This makes people wonder about the leading causes of these crises. Here are some of the leading causes that are taking the global economy to the verge of collapsing – according to the latest UN report:
The Mayhem of the Covid-19 Pandemic
While the coronavirus pandemic is seemingly over in most parts of the world, its aftershocks are still felt by every single country in the world. And third world countries do not have enough financial backup to cope with the mayhem of the pandemic, the economy continues to tilt.
So, the report from the UN suggests that the mayhem of the pandemic is the leading cause that is sabotaging the global economy. As a result, it is giving birth to low-quality jobs.
Russia-Ukraine War & Geopolitical Skirmishes
According to the UN report, geopolitical skirmishes are another reason for the volatility of the global economy. The Russia-Ukraine war, for instance, is one of the leading causes of global economic crises.
As Russia continues to ‘invade’ Ukraine, the country freezes its exports. Essentials like grain and raw materials are exported from Ukraine all over the world. As the war continues, the country is forced to stop its exports.
Consequently, it is giving birth to the volatility of the global economy. Which, in turn, forces individuals to opt for poor-quality and less-paying jobs.
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