Decent work and economic growth

The global gender pay gap stands at 23% and, without action, it will take another 68 years to achieve wage equality. The female labour force participation rate is 63 per cent, while the male labour force participation rate is 94 per cent.

 

Inclusive and sustained economic growth can drive progress, create decent jobs for all and improve living standards.

COVID-19 has disrupted billions of lives and endangered the global economy. The International Monetary Fund (IMF) predicts a global recession as bad or worse than 2009. As job losses intensify, the International Labour Organisation estimates that nearly half of all workers globally are at risk of losing their livelihoods.

Even before the outbreak of COVID-19, one in five countries (home to billions of people living in poverty) were likely to see their per capita incomes stagnate or fall by 2020. As of today, economic and financial shocks stemmingfrom COVID-19 (such as disruptions in industrial production, falling commodity prices, financial market volatility and rising insecurity) are derailing already tepid economic growth and worsening the heightened risks from other factors.