Emmanuel OchayiThe International Labour Organisation (ILO) has predicted a rise in the global unemployment rate from 5.1% in 2023 to 5.2% in 2024, potentially leaving two million workers jobless.
The latest report, titled “World Employment and Social Outlook: Trends 2024,” emphasizes that despite a decrease in joblessness below pre-pandemic levels, persistent inequalities and stagnant productivity are areas of concern.
ILO Director-General, Gilbert Houngbo, expressed apprehension, stating, “This report looks behind the headline labor market figures, and what it reveals must give great cause for concern. It is starting to look as if these imbalances are not simply part of pandemic recovery but structural.”
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The report highlights a three-year decline in the global unemployment rate, reaching 5.1% in 2023 from 6.9% in 2019.
However, working poverty is expected to persist, with an increase of about 1 million workers living in extreme poverty and 8.4 million in moderate poverty in 2023.
While acknowledging the surprising resilience of labor markets amid economic challenges, the ILO emphasizes the uneven recovery, with new vulnerabilities and multiple crises eroding prospects for greater social justice.
Houngbo added, “Falling living standards and weak productivity combined with persistent inflation create the conditions for greater inequality and undermine efforts to achieve social justice. And without greater social justice, we will never have a sustainable recovery.”
The report concludes that the labor market outlook and global unemployment are likely to worsen, raising concerns about the long-term impact on individual livelihoods and businesses.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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