The global unemployment rate declined significantly in 2022, falling to 5.8% from a peak of 6.9% in 2020 as economies began recovering from the shock of the COVID-19 pandemic. Despite an uncertain global economic outlook, unemployment is projected to increase only moderately, as a large part of the shock is being absorbed by falling real wages in an environment of accelerating inflation. Global unemployment is projected to edge up slightly in 2023, by around 3 million, to reach 208 million, corresponding to an unemployment rate of 5.8%.