World Employment and Social Outlook Report

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.

Structural: These type of changes can last for many years and can be caused by changes in technology or shifting demographics. They represent a long-term shift in how an economy functions.

Cyclical: These changes are caused by economic downturns or is related to changes in business conditions. It is temporary, rising and falling along with contractionary and expansionary periods.

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.

International Labour Organization (ILO)

  •  The ILO is devoted to promoting social justice and internationally recognized human and labour rights, pursuing its founding mission that labour peace is essential to prosperity.
  •  Today, the ILO helps advance the creation of decent work and the economic and working conditions that give working people and business people a stake in lasting peace, prosperity and progress.
  •  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.
  •  It was created in 1919, as part of the Treaty of Versailles that ended World War I, to reflect the belief that universal and lasting peace can be accomplished only if it’s based on social justice.
  • In 1946, the ILO became a specialized agency of the United Nations. Its unique tripartite structure gives an equal voice to workers, employers and governments providing a unique platform for promoting decent work for all women and men.

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