Global unemployment is expected to decrease slightly in 2024, with new predictions indicating a rate of 4.9 percent, down from 5.0 percent in 2023, according to a new report.
This revised forecast from the International Labour Organization (ILO) is lower than the organization’s previous projection of 5.2 percent for this year.
The analysis anticipates that the declining trend in joblessness will level off in 2025, with unemployment remaining steady at 4.9 percent. However, the report highlights an ongoing shortage of employment opportunities.
Concerns over uneven playing field, especially for women
According to Gilbert Houngbo, director general, ILO, the latest report reveals critical employment challenges that still need to be addressed. While efforts have been made to reduce global inequalities, Houngbo noted that the labor market remains an uneven playing field, particularly for women. He underscored the need to work toward inclusive policies that take into consideration the needs of all workers in order to achieve a sustainable recovery.
Jobs gap and gender disparities
The data disclosed that the “jobs gap” – the number of individuals without a job but who want to work – stood at 402 million in 2024, including 183 million counted as unemployed. The analysis underscored that women in low-income countries are disproportionately affected, with a job gap of 22.8 percent compared to 15.3 percent for men. In high-income countries, the rate is 9.7 percent for women and 7.3 percent for men.
Globally in 2024, 45.6 percent of working-age women will be employed, compared to 69.2 percent of men. The report suggests this difference may be attributed to family responsibilities.
Slow progress in reducing poverty and informality
Despite the adoption of the 2030 Agenda for Sustainable Development, progress in reducing poverty and informality has slowed compared to the previous decade. The number of workers in informal employment has grown from approximately 1.7 billion in 2005 to 2.0 billion in 2024.
The analysis concludes by emphasizing the urgent need for a “comprehensive approach” to reducing poverty and inequality in order to achieve the Sustainable Development Goals.
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