The International Labour Organization (ILO) predicts a global unemployment rate of 5.2% in 2024.

Category : International Published on: January 12 2024

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This increase is mainly due to more people being jobless in advanced economies.
The 'World Employment and Social Outlook' report for 2024 estimates a rise of 2 million unemployed individuals worldwide.
This uptick is set to push the global unemployment rate from 5.1% in 2023 to 5.2% in 2024.
ILO notes that after a brief surge in productivity as countries recovered from the pandemic, overall labor productivity growth has slowed down.
This slowdown is a cause for concern, especially in high-income countries, where employment growth is expected to be negative in 2024.
The report indicates that the employment scenario in high-income countries might only see modest improvements in 2025.
The situation suggests a need for attention to global employment challenges, emphasizing the impact of economic trends on job opportunities.