According to the International Labour Organization (ILO), the global unemployment rate is expected to increase slightly in 2024. This forecast is driven by concerns over stagnating productivity, worsening inequality, and inflation, which are eroding disposable incomes.
The global unemployment rate, which fell from 5.3% in 2022 to 5.1% in 2023, is anticipated to climb again to 5.2% in 2024. This increase is due to an estimated two million additional workers seeking employment, as outlined in the ILO’s report on global employment trends and social outlook for 2024.
The United Nations agency noted that the economic recovery following the COVID-19 pandemic has slowed, influenced by ongoing geopolitical tensions and persistent inflation. These factors prompted central banks worldwide to take preemptive measures.
However, the ILO report highlighted that global growth in 2023 was slightly higher than expected, demonstrating surprising resilience in labor markets.
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