Global Unemployment Rate Expected to Fall Slightly in 2024 - UN


The International Labour Organization (ILO) has revised its forecast for global unemployment, predicting a slight decline in the rate to 4.9% in 2024, down from 5.0% in 2023.

This change in outlook is attributed to lower-than-expected unemployment rates in countries like China and India, as well as improved economic conditions in the United States.

The ILO initially projected a rise in unemployment to 5.2% this year, but the revised forecast indicates that the global unemployment rate will remain stable at 4.9% in 2025.

Despite this positive development, the report highlights persistent inequalities in labour markets, particularly affecting women in low-income countries. The jobs gap, which measures the number of people without a job who want to work, remains significant, with 402 million people in this category.

Women in low-income countries are disproportionately affected, with a jobs gap rate of 22.8%, compared to 15.3% for men. In high-income countries, the rate is 9.7% for women and 7.3% for men.

The report also notes that women are more likely to be unwillingly out of work and are disproportionately affected by a lack of opportunities. Worldwide, the employment rate for women of working age is estimated to be 45.6%, compared to 69.2% for men.

ILO Director-General Gilbert Houngbo emphasized the need to address these inequalities, stating, "Despite our efforts to reduce global inequalities, the labour market remains an uneven playing field. To achieve a sustainable recovery whose benefits are shared by all, we must place inclusion and social justice at the core of our policies and institutions."

Latest Lagos Local News -