The World Employment and Social Outlook: Trends 2024 report, published by the International Labour Organization (ILO), provides a comprehensive assessment of the latest labor market trends. Some of the key findings and projections from the report include:
Global Unemployment: The report forecasts a slight increase in global unemployment in 2024 to 5.2%, indicating emerging labor market challenges. The global unemployment rate stood at 5.1% in 2023, with a modest improvement from 2022. However, the report projects a worsening labor market scenario, with an additional two million people expected to be looking for a job over the next 12 months.
Disparities and Inequality: The report highlights disparities between high and low-income countries, noting higher unemployment and poverty rates in lower-income nations. While the jobs gap rate in 2023 was 8.2% in high-income countries, it stood at 20.5% in the low-income group. Similarly, while the 2023 unemployment rate persisted at 4.5% in high-income countries, it was 5.7% in low-income countries.
It also emphasizes the worsening income inequality and the impact of inflation on real incomes, especially in G20 countries. The majority of the world’s richest nations have seen living standards eroded due to inflation, which is now in decline in many major economies.
Informal Employment: A significant portion of the global workforce remains in informal employment, posing challenges to social and economic stability.
Policy Interventions: The report underscores the need for policy interventions focused on social justice to ensure a fair and inclusive labor market, as well as to address the emerging labor market challenges.
Productivity and Gender Disparities: Stagnant productivity growth, growing inequality, and a notable gender gap in unemployment, especially in emerging and developing nations, are highlighted as areas of concern.
Persistent working poverty: Despite quickly declining after 2020, the number of workers living in extreme poverty (earning less than USD 2.15 per person per day in purchasing power parity terms) grew by about 1 million in 2023. The number of workers living in moderate poverty (earning less than USD 3.65 per day per person in PPP terms) increased by 8.4 million in 2023. Working poverty is likely to persist as a challenge.
The report provides valuable insights into the complex global employment scenario and the need for targeted policy measures to address the emerging challenges and promote inclusive and sustainable labor markets.
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