The International Labour Organization (ILO) has released its World Employment and Social Outlook: Trends 2022 report, highlighting the exacerbation of global employment disparities and social inequalities due to the COVID-19 pandemic. The report reveals that the pandemic has disproportionately affected vulnerable groups, including low-income households, women, and informal workers, leading to a significant decline in labor’s share of global GDP. This decline underscores the urgent need for integrating Environmental, Social, and Governance (ESG) considerations into economic recovery strategies to promote equitable growth. ​

The pandemic-induced economic downturn has resulted in substantial job losses, with millions of workers facing unemployment or reduced working hours. The ILO report emphasizes that without targeted interventions, these employment challenges could lead to long-term social and economic consequences. Incorporating ESG principles into corporate and governmental policies is essential to address these disparities, ensuring that recovery efforts are inclusive and socially responsible. ​

Furthermore, the report highlights the widening gap between high-income and low-income countries in terms of economic recovery and access to resources. This disparity threatens to deepen existing inequalities and hinder global development. To mitigate these risks, the ILO advocates for policies that align with ESG frameworks, fostering sustainable economic growth and social equity. By prioritizing ESG factors, policymakers and business leaders can work towards a more resilient and inclusive global economy.

References
https://www.ft.com/content/61d8cc21-6075-49d4-b0f4-89738e96724b