The global unemployment rate is anticipated to experience a slight increase in 2024: UN Body.

The International Labour Organization (ILO) reported on Wednesday that the global unemployment rate is anticipated to inch up to 5.2% in the current year. This modest increase is attributed to a surge in joblessness within advanced economies, as outlined in the ILO’s 2024 World Employment and Social Outlook report.

According to the 2024 World Employment and Social Outlook report by the International Labour Organization (ILO), the global unemployment rate is projected to increase by 2 million, reaching 5.2% in 2024, up from 5.1% in the previous year.

Richard Samans, Director of ILO’s Research Department, mentioned, “We are anticipating a modest decline in labor market performance, partly due to the global deceleration in economic growth.”

ILO, a United Nations agency, noted that following a brief growth surge during the pandemic recovery, aggregate labor productivity growth has swiftly reverted to the slow pace observed over the past decade.

According to the ILO report, during periods of sluggish productivity growth, real disposable income and real wages are frequently susceptible to abrupt price shocks.

The report indicated that minimal employment gains were expected in upper-middle-income countries over the next two years, while job gains in low-income and lower-middle-income countries were projected to remain robust.

In high-income countries, the ILO expressed concern about the situation, noting that employment growth is anticipated to turn negative in 2024, with only modest improvements expected in 2025.