<p>The impact of the Covid-19 pandemic on jobs has been harder than previously expected, and a worrying two-speed recovery is emerging between richer and poorer nations, the UN's International Labour Organization warned Wednesday.</p>.<p>"The current trajectory of labour markets is of a stalled recovery, with major downside risks appearing, and a great divergence between developed and developing economies," said ILO chief Guy Ryder.</p>.<p>"Dramatically, unequal vaccine distribution and fiscal capacities are driving these trends, and both need to be addressed urgently."</p>.<p>The ILO projected that global hours worked in 2021 will be 4.3 per cent lower than levels in the fourth quarter of 2019, prior to the outbreak of the pandemic.</p>.<p>That was equivalent to 125 million full-time jobs.</p>.<p>In June, the ILO had been projecting a decline of 3.5 per cent, or 100 million full-time jobs.</p>.<p>High-income countries fared better, suffering 3.6 per cent decline in total hours worked in the third quarter of this year, the ILO calculated.</p>.<p>That compares with falls of 5.7 per cent for low-income countries and 7.3 per cent for lower-middle income countries.</p>.<p>By region, Europe and Central Asia experienced the smallest loss of hours worked, and the Arab States the biggest, with the divergence largely driven by major differences in vaccine roll-outs and fiscal stimulus packages, the report said.</p>.<p>The ILO also found that young people, especially young women, have been among the hardest hit by the impact on jobs of the pandemic.</p>.<p>The ILO estimates that if low-income countries had better access to vaccines, the working hours recovery would catch up with richer economies in just over one quarter.</p>.<p>It estimated that for every 14 people fully vaccinated in the second quarter of this year, one full-time equivalent job was added to the global labour market.</p>.<p>By early October, 59.8 per cent of people were fully vaccinated in high-income countries, compared to just 1.6 per cent in low-income countries, according to the ILO.</p>.<p>Ryder told a press conference that the prospects ahead looked "weak and uncertain", with the fourth quarter of 2021 expected to see only a modest recovery in working hours.</p>.<p>Significant downside risks on the horizon include energy prices, inflation and debt distress, while in low- and middle-income countries, fiscal constraints are expected to hinder progress further.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>The impact of the Covid-19 pandemic on jobs has been harder than previously expected, and a worrying two-speed recovery is emerging between richer and poorer nations, the UN's International Labour Organization warned Wednesday.</p>.<p>"The current trajectory of labour markets is of a stalled recovery, with major downside risks appearing, and a great divergence between developed and developing economies," said ILO chief Guy Ryder.</p>.<p>"Dramatically, unequal vaccine distribution and fiscal capacities are driving these trends, and both need to be addressed urgently."</p>.<p>The ILO projected that global hours worked in 2021 will be 4.3 per cent lower than levels in the fourth quarter of 2019, prior to the outbreak of the pandemic.</p>.<p>That was equivalent to 125 million full-time jobs.</p>.<p>In June, the ILO had been projecting a decline of 3.5 per cent, or 100 million full-time jobs.</p>.<p>High-income countries fared better, suffering 3.6 per cent decline in total hours worked in the third quarter of this year, the ILO calculated.</p>.<p>That compares with falls of 5.7 per cent for low-income countries and 7.3 per cent for lower-middle income countries.</p>.<p>By region, Europe and Central Asia experienced the smallest loss of hours worked, and the Arab States the biggest, with the divergence largely driven by major differences in vaccine roll-outs and fiscal stimulus packages, the report said.</p>.<p>The ILO also found that young people, especially young women, have been among the hardest hit by the impact on jobs of the pandemic.</p>.<p>The ILO estimates that if low-income countries had better access to vaccines, the working hours recovery would catch up with richer economies in just over one quarter.</p>.<p>It estimated that for every 14 people fully vaccinated in the second quarter of this year, one full-time equivalent job was added to the global labour market.</p>.<p>By early October, 59.8 per cent of people were fully vaccinated in high-income countries, compared to just 1.6 per cent in low-income countries, according to the ILO.</p>.<p>Ryder told a press conference that the prospects ahead looked "weak and uncertain", with the fourth quarter of 2021 expected to see only a modest recovery in working hours.</p>.<p>Significant downside risks on the horizon include energy prices, inflation and debt distress, while in low- and middle-income countries, fiscal constraints are expected to hinder progress further.</p>.<p><strong>Watch latest videos by DH here:</strong></p>