ILO cuts global employment growth forecast for 2025

Logo of The International Labour Organization (ILO) 

The International Labour Organization (ILO) revised down its global employment growth forecast for 2025, citing escalating trade tensions and deteriorating economic outlook.

In a report released on May 28, the UN agency stated that the global economy is now expected to generate approximately 53 million jobs this year, down seven million from its previous estimate.

The organization also lowered its global economic growth forecast to 2.8%, down from 3.2%, noting that economic uncertainty is expected to remain elevated throughout the year due to ongoing conflicts, geo-economic shifts, and trade disruptions.

The report highlighted that 84 million jobs across 71 countries are tied to consumer demand in the US, warning that these positions are increasingly at risk due to rising trade tensions. It added that Canada and Mexico face the highest risk of jobs under threat.