Global unemployment will fall slightly in 2024 to 4.9 percent

Глобальная безработица в 2024 году немного снизится – до 4,9 процента

The number of workers employed in the informal sector has grown from 1.7 billion in 2005 to 2 billion in 2024. Global unemployment will fall slightly in 2024 to 4.9 percent Economic Development

Global unemployment will fall slightly this year, although labor market inequality remains, with women in low-income countries feeling the effects most. These are the conclusions of a new report from the International Labor Organization (ILO).

The report projects the global unemployment rate to be 4.9 percent in 2024, up from five percent in 2023. Previously, the ILO predicted an increase in unemployment this year – up to 5.2 percent. Unemployment is expected to remain at 4.9 percent in 2025.

Despite this forecast, experts highlight a persistent shortage of job opportunities. The ILO estimates that the number of people unemployed but willing to work will be 402 million in 2024. 

“Today’s report reveals critical employment issues which we have yet to decide. Despite our efforts to reduce global inequality, the labor market remains an unlevel playing field, especially for women,” said ILO Director-General Gilbert Houngbo. 

“We must put inclusion and social justice at the core of our policies,” he added. 

Women have fewer job opportunities

Report data shows that women, especially in low-income countries, are disproportionately affected by a lack of labor market opportunities . Globally, 45.6 percent of working-age women will be employed in 2024, compared with 69.2 percent of men.

Percentage of women who would like to work but are not this possibility is 22.8 percent. By comparison, among men in poor countries the figure is significantly lower, at 15.3 percent. In high-income countries, the rate reaches 9.7 percent for women and 7.3 percent for men.

As the ILO notes, these figures are just the “tip of the iceberg”, since significantly more women than men are completely excluded from the labor market. In many respects, the difference in the level of employment of women and men is explained by the uneven distribution of family responsibilities.

For example, in families with small children, women spend on average 6.1 hours a day on unpaid housework and caring for loved ones, while men do only 2.2 hours a day. 

At the same time, when women work, they women tend to earn much less than men, especially in low-income countries. While women in high-income countries earn 73 cents for every dollar men earn, in low-income countries the figure is only 44 cents per dollar.

Informal employment

Progress in reducing poverty and informal employment has slowed over the past 10 years compared to the previous decade. The number of workers employed in the informal sector has grown from approximately 1.7 billion in 2005 to 2 billion in 2024. 

Informal work often means low income , difficult working conditions and lack of social protection. The ILO talks about the need for an integrated approach to reducing unemployment, informal employment and inequality. 

Read also:

INTERVIEW | The global economy will grow faster than expected. The predicted figure for Russia has been doubled


Leave a Reply

Your email address will not be published. Required fields are marked *