News Excerpt:

As per the World Employment and Social Outlook: Trends 2024 report by the International Labour Organization (ILO), there is a likelihood that the worldwide unemployment rate will rise in 2024. Rising social inequalities and stagnant productivity continue to be the main causes of concern.

More details on the report:

• The report stated that while both joblessness and the jobs gap have decreased below pre-pandemic levels, global unemployment is expected to rise in 2024. On a positive note, despite the economic slowdown, global growth in 2023 was modestly higher than anticipated, and labour markets showed surprising resilience.
• Real wage growth in India and Türkiye was positive as compared to other G20 countries, but the available data refers to 2022 relative to 2021.
• The report warns that weak productivity and inflation lead to inequality. The falling living standards and weak productivity combined with persistent inflation create the conditions for greater inequality and undermine efforts to achieve social justice.
• The global unemployment rate in 2023 was 5.1%, a modest improvement on 2022.
• Although the imbalances eased somewhat in 2023, concerns are rising that these labour market imbalances are structural, rather than cyclical, in nature.

About the World Employment and Social Outlook Report

• The report is released by ILO. It examines the impacts of the crisis on global and regional trends in employment, unemployment and labour force participation, as well as on job quality, informal employment and working poverty.
• The report pays particular attention to the impact of the different crises on productivity, job quality and job opportunities and how these trends risk undermining social justice around the world.
• It also offers an extensive analysis of trends in temporary employment both before and during the COVID-19 crisis.