UN Predicts a Decline in Global Unemployment By 2024

According to a United Nations body, there will be a tiny decrease in global unemployment this year, contrary to its earlier forecast of an increase. However, the organisation cautioned about the “slow progress” in addressing inequities.

After initially predicting that unemployment would increase to 5.2 percent this year from five percent in 2023, the International Labour Organisation now projects a global jobless rate of 4.9 percent in 2024.

According to a research by the UN agency based in Geneva, the rate is expected to remain at 4.9 percent in 2025.

“Inequalities in labour markets persist, with women in low-income countries particularly affected,” the ILO warned, nevertheless.

According to the research, 183 million people fit the definition of unemployed, which is to say that they are instantly accessible and actively seeking employment. However, 402 million individuals were unemployed and want employment.

The organisation added that women were disproportionately impacted by a lack of options and more likely to be unintentionally unemployed.

Women in low-income nations were particularly badly affected; compared to men, 15.3 percent of them said they would prefer a job that did not include work, or 22.8 percent.

Women were far more likely than men to have completely quit the labour force, thus the research cautioned that these discrepancies were only the “tip of the iceberg.”

According to the survey, 45.6% of women in the world who are of working age had jobs in 2024. That percentage was 69.2 percent for men.

According to a press release, ILO Director-General Gilbert Houngbo stated, “The labour market remains an uneven playing field despite our efforts to reduce global inequalities.”

“Inclusion and social justice must be at the centre of our policies and institutions in order to achieve a sustainable recovery whose benefits are shared by all,” stated Houngbo.

Employers, unions, and governments from all around the world come together at the ILO, the oldest specialised agency of the United Nations.

AFP