The International Labour Organization predicts a slight uptick in global unemployment from 5.7 to 5.8% (3.4 million people) in 2017, according to its updated World Employment and Social Outlook (also at the Reference Desk). The unemployed will grow by 201 million as well in 2018, and the level of the “vulnerable” employed will stay over 42 percent. The vulnerable account for almost 1/2 of the workers in emerging countries and more in developing countries, impacting Southern Asia and Sub Saharan Africa the hardest. Overall, unemployment will affect Latin America and Caribbean the hardest, but could fall in developed countries. The authors consider fiscal policy and investment recommendations to enhance marco-economic growth.
While the numbers at a high level look promising for developed markets, the ILO report indicates that the question of vulnerable employees remains large across the world. What do “vulnerable” workers mean for consumer demand, interest in political parties promising stability, etc.? When considering geographical expansion and country strategies, taking the view of the vulnerable could help provide deeper insights into future challenges.