ILO warns that unemployment will increase globally in 2024

According to a study by the International Labor Organization (ILO), income inequality has increased around the world. It said that in 2024 two million more workers are expected to seek employment, which would raise the global unemployment rate from 5.1% in 2023 to 5.2%.

The International Labor Organization believes that the outlook for the labor market and global unemployment will worsen by the end of this year. He said working poverty is likely to persist.

The ILO World Employment and Social Outlook: Trends 2024 report said that in 2024 two million more workers are expected to seek employment, which would raise the global unemployment rate from 5.1% in 2023 to 5.2%. . It noted that disposable incomes have declined in most G20 countries and, in general, the erosion of living standards resulting from inflation “is not likely to be compensated quickly.”

«In addition, important differences persist between high- and low-income countries. While the employment gap rate in 2023 was 8.2% in high-income countries, it stood at 20.5% in the low-income group. Similarly, while the unemployment rate in 2023 remained at 4.5% in high-income countries, it was 5.7% in low-income countries,” he said in a press release published in his website.

He added that despite declining rapidly after 2020, the number of workers in extreme poverty increased by nearly one million in 2023. He specified that the number of workers in moderate poverty increased by 8.4 million last year. .

According to the study, income inequality has increased. On the other hand, it indicated that informal work rates are expected to remain static, representing around 58% of the global workforce in 2024.

“Labor markets have shown surprising resilience despite deteriorating economic conditions, but the recovery from the pandemic remains uneven as new vulnerabilities and multiple crises are eroding prospects for greater social justice, according to a new report. of the International Labor Organization (ILO),” he said.

He added that the return to pre-pandemic labor market participation rates has varied among different groups. Women’s participation has recovered rapidly, but a notable gender gap still persists, especially in emerging and developing nations.

«Youth unemployment rates continue to pose a challenge. “The rate of people defined as NEET (i.e. not in education, employment or training) remains high, especially among young women, posing challenges to long-term employment prospects,” he added.

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