Global Economy News
LAST UPDATE: May 28, 2025
UN labour body cuts global job forecast amid economic slowdown
The International Labour Organization (ILO) has reduced its global employment growth forecast for 2025 to 1.5%, equating to 53 million new jobs—seven million fewer than previously predicted—due to a worsening global economic outlook and trade tensions.
Insight
The downward revision reflects the impact of ongoing geopolitical conflicts and shifting economic alliances on global labor markets. Jobs dependent on U.S. consumer demand, particularly in Canada and Mexico, are increasingly at risk. The ILO warns that without addressing these challenges, there could be widespread negative effects on employment worldwide. This situation underscores the need for coordinated international efforts to stabilize economies and protect workers.
WHO restructures, cuts budget after US withdrawal
The World Health Organization (WHO) is undergoing restructuring and budget reductions following the withdrawal of funding by the United States.
Insight
The U.S. withdrawal has significant implications for the WHO’s operations, potentially affecting global health initiatives and responses to health emergencies. The budget cuts may lead to reduced support for programs in vulnerable regions. This development highlights the importance of diversified funding sources for international organizations to maintain stability and effectiveness in their missions.
Global temperature rise to reach near 2C in next five years, WMO says
The World Meteorological Organization (WMO) forecasts that global temperatures are likely to rise to nearly 2°C above pre-industrial levels within the next five years, driven by record atmospheric CO₂ concentrations.
Insight
This projection signals an increased frequency of extreme weather events and significant impacts on ecosystems and human societies. The potential breach of the 1.5°C threshold set by the Paris Agreement emphasizes the urgency for comprehensive climate action. Policymakers and stakeholders must accelerate efforts to reduce greenhouse gas emissions and implement adaptation strategies to mitigate the adverse effects of climate change.
