Global unemployment to worsen in 2024 — UN
According to a UN report released on Wednesday, there will be a modest increase in the global unemployment rate in 2024.
It stated that an additional two million workers are anticipated to be seeking employment by 2024, resulting in a 5.2% worldwide unemployment rate.
The International Labour Organization, the UN’s labor arm, has expressed alarm about rising inequality, stagnating productivity, and inflation eating away at disposable income.
The UN released its World Employment and Social Outlook Trends report for 2024 on Wednesday, and it included this information.
Furthermore, it stated that most G20 nations have seen a decrease in discretionary income and that inflation-related living standard degradation is “unlikely to be compensated quickly” overall.
Furthermore, there are still significant distinctions between nations with greater and lower incomes. In 2023, the unemployment rate in high-income countries was 8.2%, whilst in low-income countries it was 20.5%.
Similarly, in high-income nations, the unemployment rate in 2023 remained at 4.5%, but in low-income nations, it was 5.7%.
Moreover, working poverty is probably not going away. The number of workers living in extreme poverty (earning less than US$2.15 per person per day in purchasing power parity terms) increased by almost 1 million in 2023, albeit rapidly dropping after 2020. In 2023, there were 8.4 million more workers classified as living in moderate poverty (making less than US$3.65 per day, per person, in PPP values).
The research evaluates the most recent developments in the labor market, such as hours worked, job creation, unemployment, and labor force participation, and then connects these to social consequences.
ILO Chief Gilbert Houngbo responded to the study by saying that it found some “encouraging” figures, particularly on growth and unemployment.
A more thorough examination shows that labor market disparities are increasing, which is undermining the advancement of greater social justice in the setting of several interconnected global problems, according to Houngbo.
“This report makes it very evident that no one organization, nation, or area can handle the size and complexity of the issues we face on their own. At the national and international levels, the chosen policies and measures must be in harmony with one another. Furthermore, the distribution of monetary and technological resources must be included in this coordination.
The UN Sustainable Development Goals and the promises made at COP28—which, thankfully and for the first time, mentioned the significance of labor rights, social dialogue, social protection, and decent work in achieving the just transition we all need—will both be easier to attain with a better coordinated response, the speaker continued.
