International Finance

Global unemployment expected to dip in 2024: ILO study

According to the analysis, in 2025 the trend of declining unemployment will level off, with the rate of unemployment staying at 4.9%

The overall ratio of global unemployment is predicted to drop slightly in 2024, from 5.0% in 2023 to 4.9% in 2024, according to new projections.

The International Labour Organisation (ILO) has revised these figures downward from its previous projection of 5.2% for 2024, which was disclosed in a recent report.

According to the analysis, in 2025 the trend of declining unemployment will level off, with the rate of unemployment staying at 4.9%. The report emphasises that there is still a dearth of work prospects despite this prediction.

The study shows that there is still a lack of work opportunities, even despite this prediction.

“Today’s report reveals critical employment challenges that we must still address. Despite our efforts to reduce global inequalities, the labour market remains an uneven playing field, especially for women,” ILO Director General Gilbert Houngbo said.

“To achieve a sustainable recovery whose benefits are shared by all, we must work toward inclusive policies that take into consideration the needs of all workers,” the official added further.

Furthermore, the ILO data revealed that in 2024, there were 402 million people who wanted to work but were unemployed, a statistic known as the jobs gap. There are 183 million individuals who are considered unemployed as a result.

The analysis also highlighted the fact that women in low-income nations suffer disproportionately from a lack of opportunities.

The job gap for women in these nations reached a striking 22.8%, as opposed to 15.3% for men. In comparison, in high-income nations, the rate is 7.3% for men and 9.7% for women.

In addition, globally, in 2024, 69.2% of men and 45.6% of women of working age will have employed jobs.

The report also suggests that family responsibilities may be the reason for the disparity in employment rates between men and women.

The 2030 Agenda for Sustainable Development was adopted in 2015, but compared to the previous ten years; less has been done to combat poverty and informality.

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