Global unemployment to fall in 2024 — UN

According to a United Nations agency, there will be a slight decrease in global unemployment this year, contrary to its earlier forecast of an increase. However, the agency cautioned about the "slow progress" in addressing inequalities.

After initially predicting that unemployment would increase to 5.2 percent this year from five percent in 2023, the International Labour Organisation now projects a global unemployment rate of 4.9 percent in 2024.

According to a report by the UN agency based in Geneva, the rate is expected to remain at 4.9 percent in 2025.

"Inequalities in labour markets persist, with women in low-income countries particularly affected," the ILO warned, though.

According to the report, 183 million people fit the definition of unemployed, which is to say that they are immediately available and actively seeking employment. However, the quantity of persons lacking a ob who wanted to work stood at 402 million.

The agency also said women were more likely to be unwillingly out of work and disproportionately affected by a lack of opportunities.
Women in low-income nations were particularly badly affected; compared to men, 15.3 percent of them said they would prefer a job that did not involve work, or 22.8 percent.
In high-income nations, the percentage was 7.3% for men and 9.7% for women.

Women were far more likely than men to have completely left the labour force, so the report cautioned that these differences were only the "tip of the iceberg."

According to the report, 45.6% of women in the world who are of working age had jobs in 2024. That percentage was 69.2 percent for men.

According to a press release, ILO Director-General Gilbert Houngbo stated, "The labour market remains an uneven playing field despite our efforts to reduce global inequalities."

"Inclusion and social justice must be at the centre of our policies and institutions in order to achieve a sustainable recovery whose benefits are shared by all," stated Houngbo.

Employers, unions, and governments from all over the world come together at the ILO, the oldest specialised agency of the United Nations.