Like supply chains, the supply of workers in the economy was a major victim of the pandemic. And the damage lingers: The International Labor Organization predicts continued global labor market disruptions for at least the remainder of the year because of the war in Ukraine and China’s domestic economic problems.
Predictably, problems are especially pronounced in low- and middle-income countries. The recovery in workers’ incomes is also sluggish. Well over half – about 60 percent – of 189 countries surveyed reported to the ILO that labor income has yet to return to pre-pandemic levels. When it comes to hours worked, high-income economies are again faring much better than the rest. The worst is probably over, but it may still take years to put the pieces back together.
The Geopolitics of the American President &