Global Unemployment Will Reach 5.2% in 2024: ILO report

The International Labour Organization (ILO) released a report named ‘World Employment and Social Outlook Report 2024’ on 10 January 2024. ILO claimed in its report that the global unemployment rate is expected to increase to 5.2 percent in the year 2024.

Key points of the World Employment and Social Outlook Report 2024:

• The ILO's 2024 'World Employment and Social Outlook' report estimates that the number of unemployed people will increase to 2 million.
• The global unemployment rate will increase from 5.1 percent in 2023 to 5.2 percent in 2024.
• The main reason for the rising unemployment rate is the increase in unemployment in advanced economies.
• Many countries saw a slight uprise in growth after recovering from the pandemic. Due to this, a sharp increase in total labour productivity was recorded. But after this, it has returned to low speed again. Due to this, an increase in the unemployment rate was recorded.
• According to the ILO report, the situation is particularly worrying in high-income countries. Employment growth in these countries is expected to be negative in 2024.
• Only modest improvements are expected in the next year, 2025.
• The report reveals a complex global employment landscape. It projects a slight increase in global unemployment in 2024, indicating emerging labour market challenges.
• The report underscores inequalities between nations with high and low incomes. Refers to high unemployment and poverty rates in low-income countries.
• It also reveals that a significant portion of the global workforce remains in informal employment.
• Primary issues involve the deterioration of income distribution and the effects of inflation on actual earnings, particularly within G20 nations.
• The report emphasises the need for policy interventions focused on social justice to ensure a fair and sustainable global economic recovery.
• Despite worsening economic conditions, labour markets have shown surprising resilience.

About the International Labour Organization (ILO):

• Established: 1919 (Established as an affiliated agency of the League of Nations by the Treaty of Versailles).
• Headquarters: Geneva, Switzerland
• ILO became the first specialised agency affiliated with the United Nations in 1946.

The objective of the establishment of ILO:

• To achieve social justice for global and lasting peace.
• To promote internationally recognised human rights and labour rights.
• The International Labour Organization was awarded the Nobel Peace Prize in the year 1969 for the following work: -
  • To work for the establishment of peace between different social classes.
  • Advocate decent work and justice for workers
  • Providing technical assistance to developing countries