central bank expects unemployment tojump from usa, its central bank expects unemployment to jump from 3.7 to 4.6% this year. the european central bank expects the unemployment rate to increase from 6.5 6.9% in the eurozone. between them millions of jobs are expected to go into of the most important regions of the global economy. in china, a lot of uncertainty about the impact of lifting covid restrictions, so what is driving these job cuts? companies are increasingly concerned that the slowing global economy will hit demand for their products. the world bank says inflation is set to fall but it will still be over 5%. many goods will be more expensive thanks to the war in ukraine and ongoing impact of the pandemic. to counter that, many countries are expected to continue increasing the cost of borrowing, the picture in the g7 advanced economies here. it means more cash needed for consumers for basics, as while energy costs are going up, the companies higher interest rate means debts are more expensive to pay off and profits around the pressure. if that turns into less money going to shareholders�* pockets, the stock markets will fall. company tried to save money by cutting their payroll as they become less confident in the future. the un international labour 0rganisation is expecting that at least 3 million more people around the world will be unemployed this year, and also that the quality of jobs out there will suffer. amongst other things that means pay that doesn�*t keep up with the rate —— cost—of—living. i had been speaking to the director—general. gilbert hungbo, a pleasure having you on the show, let�*s start with theirs. your forecast for this year don�*t paint a pretty picture, what are you expecting? pretty picture, what are you meeting?— pretty picture, what are you exectin? ., ' ., ., ., pretty picture, what are you exectin? ., ' . , ., ., ., expecting? covid effects, a lot of countries. _ expecting? covid effects, a lot of countries, particularly _ expecting? covid effects, a lot of countries, particularly from - expecting? covid effects, a lot of countries, particularly from the l countries, particularly from the north, have started recovering while low income economies are struggling. 0n the other hand, we have job situation with the war in ukraine, and its consequences. the inflation situation. when we put all of that together, it gives a picture that is not rosy. together, it gives a picture that is not ros . , , . not rosy. gilbert, in recent weeks we have heard _ not rosy. gilbert, in recent weeks we have heard of _ not rosy. gilbert, in recent weeks we have heard of a _ not rosy. gilbert, in recent weeks we have heard of a growing - not rosy. gilbert, in recent weeks. we have heard of a growing number not rosy. gilbert, in recent weeks- we have heard of a growing number of big—name companies making big job cuts, amazon, facebook, goldman sachs. i wonder, cuts, amazon, facebook, goldman sachs. iwonder, does cuts, amazon, facebook, goldman sachs. i wonder, does it make you fear that more are to come? big job cuts at those organisations can sometimes have a knock—on effect. clearly they will have a knock—on effect, that is very much what 2023, we will see that happening more. we protect —— project globally employment growth, very little, to unpack that, you are part of the world where unemployment would rise, in europe we expect more or less the same. when you look at that state in africa, we might have 3% increase, however when you look at the increase in the walking population, that will again nullify a big part of that game, so globally you will see those announcements are quite serious. ., ., ,., see those announcements are quite serious. ., ., ., , serious. you also have concerns about the _ serious. you also have concerns about the quality _ serious. you also have concerns about the quality of— serious. you also have concerns about the quality ofjobs - serious. you also have concerns about the quality ofjobs out - serious. you also have concerns i about the quality ofjobs out there, so just explain what it means for workers and their ability to make ends meet. workers and their ability to make ends meet-— workers and their ability to make ends meet, , . ~ ., i: i: ii" ends meet. yes, back to 2004-2019, we started--- — ends meet. yes, back to 2004-2019, we started... the _ ends meet. yes, back to 2004-2019, we started... the informality - ends meet. yes, back to 2004-2019, we started... the informality since i we started... the informality since covid has picked up again. the recovery is happening in the formal sector where we know there is no protection and no voice, no negotiation, and in a lot of cases where the real wages are going down, so that has a dampening impact on the quality ofjobs. what is quite unacceptable in my mind, as you and speaking, we estimate 214 million workers, unable to earn the $1 a day, the threshold for poverty. 1anthem day, the threshold for poverty. when we look at the _ day, the threshold for poverty. when we look at the covid _ day, the threshold for poverty. when we look at the covid situation and the lifting of restrictions in china, there are suggestions that two thirds of the population has the virus, surely that will have a negative impact on worker availability, in the second economy. yes, this is a worry, normally we expect employment and growth to continue picking up in china. however, what we have seen with covid causes it to slow down, that potential. the second economy of the world it will underperform, impacting domesticjobs market and also the global economy and therefore on the global employment situation. , , . , ., ., situation. given the picture you are aintin: , situation. given the picture you are painting. if — situation. given the picture you are painting. if we _ situation. given the picture you are painting, if we do _ situation. given the picture you are painting, if we do see _ situation. given the picture you are painting, if we do see more - situation. given the picture you are painting, if we do see more job - situation. given the picture you are | painting, if we do see more job cuts and unemployment, you think that could lead to social unrest? gilbert, i am asking, are you expecting to see social unrest in different parts of the world? i think so, we will, when you take all of that together, i cannot say that clear enough, the multilateral, bilateral private sector, we need to take a step back and redefine parameters for moving forward. how to best balance the search for profits, which is legitimate but the protection of the environment and protection of the environment and protection of the social, having those three together should feel much more at pa.— those three together should feel much more at pa. gilbert hungbo, director-general— much more at pa. gilbert hungbo, director-general of— much more at pa. gilbert hungbo, director-general of the _ director—general of the international labour organisation, thank you, i will talk to you soon. thank you for having me. what thank you, i will talk to you soon. thank you for having me. what does all this mean — thank you for having me. what does all this mean when _ thank you for having me. what does all this mean when it _ thank you for having me. what does all this mean when it comes - thank you for having me. what does all this mean when it comes to - all this mean when it comes to companies actually hiring staff? are they still expanding their headcount? will the new —— what changes will this year bring? robert walters, recruitment agency, globally, i�*d been catching up with its chief executive. pleasure having you own, thank you. let�*s start with your company, you�*re talking about a softening of recruitment activity levels, so i want you to paint me a picture, what is that, what does it mean? �* ., , ., , mean? i've done this nearly 25 ears, mean? i've done this nearly 25 years. we _ mean? i've done this nearly 25 years. we came _ mean? i've done this nearly 25 years, we came out _ mean? i've done this nearly 25 years, we came out of - mean? i've done this nearly 25 years, we came out of 2020 i mean? i've done this nearly 25 l years, we came out of 2020 with mean? i've done this nearly 25 - years, we came out of 2020 with a depressed market, globally, i have never seen the catapult effect that came out of 2020. the rate at which companies were hiring was dramatic, we went through a market 2021 which i certainly haven�*t experience. that continued with even more speed in 2022. , , ., continued with even more speed in 2022-_ yes. - continued with even more speed in 2022-_ yes. on i 2022. this is all hiring? yes, on the backdron — 2022. this is all hiring? yes, on the backdrop of _ 2022. this is all hiring? yes, on the backdrop of increasing - 2022. this is all hiring? yes, on - the backdrop of increasing candidate shortages, globally. more prevalent sectors like technology, legal, and we got to the ukraine crisis that had an impact, some of the challenges in china with continued lot dance, and we started to see that compounded with all of the lack of candidate flow that we saw. so a lack of people? yes, lack of supply chain for a lack of people? yes, lack of supply chainfora number of lack of people? yes, lack of supply chain for a number of different reasons, post covid we saw increased nationalism, increased people turning back to their native countries for often family reasons, so a general thinking of the workforce, so the markets have definitely softened in the last three months. we still had a very strong performance last year across our business globally, that tailed off a bit towards the back end of last year, now entering this year with a degree of caution. interesting, you talk about the big inflation picture, it is softening back last week on my show and i had the head of the international monetary fund saying that the negative impact of higher interest rates typically has a lag on the labour market, it takes time for the uninitiated, it takes time to feed through the pipeline. mt; uninitiated, it takes time to feed through the pipeline. my expertise is recruitment, _ through the pipeline. my expertise is recruitment, the _ through the pipeline. my expertise is recruitment, the fact _ through the pipeline. my expertise is recruitment, the fact is - through the pipeline. my expertise is recruitment, the fact is when . through the pipeline. my expertise| is recruitment, the fact is when you have a lack of supply chain and people, you end up any situation where if copies want to continue to grow, they have to pay only don�*t have that choice. we saw a softening in the technology sector.— in the technology sector. pretty bi! i in the technology sector. pretty big! i think _ in the technology sector. pretty big! | think is— in the technology sector. pretty big! i think is more _ in the technology sector. pretty big! i think is more a _ in the technology sector. pretty| big! i think is more a correction, technology _ big! i think is more a correction, technology has _ big! i think is more a correction, technology has been _ big! i think is more a correction, technology has been hit, - big! i think is more a correction, technology has been hit, it - big! i think is more a correction, technology has been hit, it is . big! i think is more a correction, l technology has been hit, it is right sizing, if i think about my view on this would be nick three years, no question that technology, digitalisation, transformation will continue to be where the heart of a lot of hiring still exist.— lot of hiring still exist. talking of those lay-offs, _ lot of hiring still exist. talking of those lay-offs, not - lot of hiring still exist. talking of those lay-offs, not just - lot of hiring still exist. talking i of those lay-offs, notjust tech, lot of hiring still exist. talking - of those lay-offs, notjust tech, we of those lay—offs, notjust tech, we have seen recently big tech firms and banks, goldman sachs to name one, lay off thousands. do you think that�*s a sign of things to come? 0thers that�*s a sign of things to come? others will follow suit? i�*m that's a sign of things to come? others will follow suit?- that's a sign of things to come? others will follow suit? i'm not so sure. we others will follow suit? i'm not so sure- we are _ others will follow suit? i'm not so sure. we are definitely _ others will follow suit? i'm not so sure. we are definitely incautious| sure. we are definitely incautious temperatures at the moment, but... the big centraleaning millions of people will lose their jobs in 2023. millions of people will lose their jobs in 2023-— millions of people will lose their jobs in 2023. they have said they exect a jobs in 2023. they have said they exoect a small — jobs in 2023. they have said they expect a small increase - jobs in 2023. they have said they expect a small increase in - expect a small increase in unemployment, my personal view is because of the shortage of candidates, that is the other factor, there is no question economically we are in much tougher conditions, that is likely to continue, but the simple fact is we don�*t have enough people. i�*m don't have enough people. i'm cufious don't have enough people. i'm curious about _ don't have enough people. i'm curious about also serve conversations you are having with your clients, given the messy picture, are they somewhat reluctant to commit to filling jobs? i picture, are they somewhat reluctant to commit to filling jobs?— to commit to filling “obs? i