UN Predicts Global Unemployment to Decline in 2024

The International Labour Organization (ILO) announced Wednesday that global unemployment rates are expected to slightly decrease this year, contrary to earlier predictions of an increase. 

The Geneva-based UN agency now forecasts a global unemployment rate of 4.9% for 2024, a slight improvement from the previous estimate of 5.2%. 

This rate is expected to remain steady through 2025.

Despite the positive trend in unemployment rates, the ILO’s latest report warns of ongoing challenges in addressing labor market inequalities, particularly affecting women in low-income countries. 

According to the report, there are 183 million people globally who are actively seeking work and ready to start immediately. 

However, the number of individuals wanting to work but remaining jobless is significantly higher at 402 million.

The report highlights a troubling disparity in employment opportunities, with women facing greater challenges than men in finding work. 

In low-income countries, the unemployment rate for women wanting to work stands at 22.8%, compared to 15.3% for men. 

This gap is narrower in high-income countries, where 9.7% of women are unemployed compared to 7.3% of men.

Moreover, the ILO points out that these figures only represent the surface of deeper issues, as women are more likely than men to have exited the labour force entirely. 

In 2024, only 45.6% of women of working age were employed, compared to 69.2% of men.

Gilbert Houngbo, the Director-General of the ILO, emphasized the need for a more inclusive approach to labour market policies. 

“Despite our efforts to reduce global inequalities, the labour market remains an uneven playing field,” Houngbo stated in a press release. 

“To achieve a sustainable recovery whose benefits are shared by all, we must place inclusion and social justice at the core of our policies and institutions.”

The ILO, established as the oldest specialized agency of the UN, continues to work towards improving labour conditions by bringing together employers, unions, and governments from around the globe to foster dialogue and create equitable solutions.