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.
More in Celebrity
-
`
What Does Gen Z Look for in Movies & TV Shows?
There is something distinctly different about the way Gen Z consumes content. Their preferences on screen are more than just entertainment....
December 7, 2023 -
`
Family Wellness Escapes: Prioritizing Parents Well-being in Travel
In the hustle and bustle of family life, parents are stepping up their travel game, and it’s not just about the...
December 2, 2023 -
`
How to Turn Your Everyday Into a Special Day
Do you ever feel like your days are slipping away, blending into an unremarkable blur? We have all been there. But...
November 20, 2023 -
`
What to Do If You Can’t Afford to Pay Your Energy Bills
All of us had that moment when opening the dreaded envelope made our heart race a tad faster. That cringe-worthy moment...
November 18, 2023 -
`
Celebrity Feuds: Taylor Swift vs. Scooter Braun
Pop culture has always been flavored with a touch of intrigue – and there is nothing more riveting than a good,...
November 9, 2023 -
`
Parenting | How to Raise a Committed, Hardworking Child
Parents navigate the intricate path of supporting their children’s academic and personal growth as the new school year begins. For some...
October 31, 2023 -
`
Everything You Need to Know Apple AirTags
There is something oddly satisfying about the universe of Apple gadgets: Just when you think they have reached the peak of...
October 28, 2023 -
`
Buying a New House With $100k Salary? Here Are the Top 8 Places to Move to
So, you are raking in a cool $100k annually and have your sights set on planting roots and buying a house?...
October 19, 2023 -
`
Celebrities We’re All Hoping to See Making a Grand Comeback
There is a certain nostalgia that strikes when you hear an old favorite song on the radio, instantly transporting you back...
October 12, 2023
You must be logged in to post a comment Login