Global unemployment is expected to rise slightly in 2024, the UN body says

The global unemployment rate is expected to rise to 5.2% this year, mainly due to rising numbers of unemployed in advanced economies, the International Labor Organization (ILO) said on Wednesday.

The ILO’s World Employment and Social Scenario 2024 report projects that the number of unemployed people will increase by 2 million, bringing the global unemployment rate from 5.1% in 2023 to 5.2%.

“We expect a modest decline in the performance of labor markets, partly because growth is slowing around the world,” said Richard Samans, director of the ILO’s research department.

The ILO, a United Nations agency, said that after a brief boost as countries recovered from the pandemic, aggregate labor productivity growth quickly returned to the low pace seen in the previous decade.

“During periods of slow productivity growth, real disposable income and real wages are often vulnerable to sudden price shocks,” the ILO report says.

The report says that little job gains are expected in upper-middle-income countries over the next two years, but that job gains in low- and lower-middle-income countries will remain robust.

“The situation is particularly worrying in high-income countries, where employment growth is expected to turn negative in 2024 and only modest improvements are expected in 2025,” the ILO said.

Source: Terra

Rose

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