ILO forecasts slight decline in global unemployment rate

The International Labor Organization (ILO), in its report World Employment and Social Outlook: May 2024 Update, forecasts a decrease in the unemployment rate this year, placing it at 4.9 %.

THE international organization predicts a slight decrease in unemployment, despite the inequality that persists in the labor market, especially with respect to women and wages.

According to the ILO, unemployment will be at 4.9 %, down from 5.0 % in 2023. Likewise, it is expected to stabilize in 2025, with an unemployment rate also at 4.9 %.

The report does not leave aside the issue of the lack of employment opportunities, which persists in the world. In this sense, it estimates the number of people without work but who want to work at 402 million people. The estimate includes 183 million people counted as unemployed.

“The report reveals critical employment challenges that we still need to address. Despite our efforts to reduce inequalities globally, the labor market remains an unequal playing field, especially for women,” said Gilbert F. Houngbo, Director-General of the ILO.

According to the official, to achieve a sustainable recovery with benefits shared by all, inclusive policies are necessary that take into account the needs of all workers. That is, inclusion and social justice must be the focus of policies and institutions.

In the report, figures indicate that “the employment gap for women in low-income countries reaches a staggering 22.8 %, compared to 15.3 % for men. This contrasts with high-income countries, where the rate is 9.7 % for women and 7.3 % for men.”

M.Pino

Source: ILO

(Reference image source: Unsplash+, in collaboration with Getty Images)

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