ILO forecasts 2 million job loss in 2024

A Summary:

1. The International Labour Organization (ILO) forecasts a potential global job loss of two million in 2024, causing the global unemployment rate to rise from 5.1% to 5.2%.
2. The latest ILO report, “World Employment and Social Outlook: Trends 2024,” notes a decrease in joblessness below pre-pandemic levels but expresses concerns about rising inequalities and stagnant productivity.
3. Despite a global unemployment rate decline from 6.9% in 2019 to 5.1% in 2023, the report highlights surprising labor market resilience amid challenging economic conditions.
4. The recovery from the pandemic is uneven, with new vulnerabilities and multiple crises impacting social justice prospects.

   

5. In 2023, the global unemployment rate improved modestly to 5.1%, while working poverty is expected to persist, with an increase in extreme and moderate poverty.
6. Disparities between higher and lower-income countries are evident, with higher-income countries experiencing an 8.2% jobs gap rate compared to 20.5% in low-income countries.
7. The report projects a static rate of informal work, accounting for approximately 58% of the global workforce in 2024.
8. Gilbert Houngbo, Director-General of the ILO, expresses concern, stating that imbalances may be structural rather than just part of pandemic recovery.
9. Workforce challenges pose a threat to livelihoods and businesses, requiring effective and fast intervention to tackle falling living standards, weak productivity, and persistent inflation.
10. The Director-General emphasizes the essential need for greater social justice to achieve a sustainable recovery.