World Employment and Social Outlook Report 2024

World Employment and Social Outlook Report 2024

News: Recently, The International Labour Organisation (ILO) released the World Employment and Social Outlook 2024 report which has signaled a projected rise in the global unemployment rate in 2024.

Key Findings:
• In spite of challenging economic conditions, global labor markets continue to show resilience. Improvements noted in both unemployment rate and jobs gap rate.
• In 2023, the global unemployment rate is 5.1%, a slight improvement from 2022. However, there is a  projected increase in 2024, with an additional two million job seekers, pushing the rate to 5.2%.
•  Pandemic recovery varies, exposing new vulnerabilities and crises. There are stark disparities persist between higher and lower income countries in unemployment rates and jobs gap rates.
• Real wages in India and Turkey show positive trends relative to other G20 countries. Other G20 nations have experienced decline, particularly in Brazil, Italy, and Indonesia.
• Widening income inequality is observed. Decline in disposable incomes in the majority of G20 nations, impacting aggregate demand.
• Informal work rates are expected to remain stable, constituting around 58% of the global workforce in 2024. Varied return to pre-pandemic labor market participation rates, with persistent gender gaps and high youth unemployment rates.

About ILO:
• The International Labour Organization (ILO) is a United Nations agency that was established on 11 April 1919. It was founded under the League of Nations as part of the Treaty of Versailles.
• The ILO became the first specialized agency of the United Nations in 1946.
• The ILO is headquartered in Geneva, Switzerland.
• The ILO is devoted to promoting social justice and internationally recognized human and labour rights. It sets international labour standards and develops policies and programs promoting decent work for all women and men.
• The ILO’s Decent Work agenda helps advance the economic and working conditions that give all workers, employers, and governments a stake in lasting peace, prosperity, and progress.