According to the International Labour Organization’s (ILO) “World Employment and Social Outlook: May 2024 Update,” the global unemployment rate is projected to decline slightly to 4.9% in 2024, down from 5.0% in 2023. This is an improvement from the prior projection of 5.2% as stated in the “World Employment and Social Outlook Trends 2024” report. The report anticipates that this downward trend in joblessness will stabilize in 2025, with the unemployment rate persisting at 4.9%.
About the Report:
- Overview:
- The report provides a comprehensive analysis of the global employment landscape, projecting a modest decline in unemployment. It also highlights persistent inequalities, especially impacting women in low-income countries.
- It evaluates current expectations for achieving Sustainable Development Goals (SDGs) related to poverty and informality.
- Challenges Persist:
- Lack of Employment Opportunities: The report underscores a persistent lack of employment opportunities.
- Jobs Gap: The ‘jobs gap’ in 2024 is estimated at 402 million individuals, which includes 183 million classified as unemployed.
Key Findings:
- Gender Disparities:
- Women in Low-Income Nations: Women face disproportionate challenges in employment, with a jobs gap of 22.8%, compared to 15.3% for men. In high-income countries, the rate is 9.7% for women and 7.3% for men.
- Employment Rates: Globally, only 45.6% of working-age women are employed in 2024, compared to 69.2% of men.
- Income Discrepancies:
- Earnings: Women earn significantly less than men, especially in low-income countries, where women earn 44 cents for every dollar earned by men. In high-income countries, women earn 73 cents for every dollar earned by men.
- Informal Employment:
- Rise in Informal Employment: Informal employment has increased from 1.7 billion in 2005 to 2.0 billion in 2024, hindering progress towards achieving the SDGs.
Conclusion:
The ILO’s “World Employment and Social Outlook: May 2024 Update” highlights both progress and persistent challenges in the global labor market. While the slight decline in the global unemployment rate is a positive sign, significant disparities and challenges remain, particularly for women and individuals in low-income countries. The report calls for continued efforts to address these inequalities and support the achievement of the SDGs related to employment and poverty reduction.
About the International Labour Organization (ILO):
- Director-General: Gilbert Fossoun Houngbo
- Headquarters: Geneva, Switzerland
- Founded: 1919
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