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

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

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

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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.
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