What UN Warns About Unemployment Rate In 2024

The United Nations (UN) warned on Wednesday that there will be an increase in the worldwide unemployment rate in 2024.

The UN raised concerns about sluggish productivity, growing inequality, and inflation eating into disposable income.

Global growth in 2023 was modestly higher than anticipated, and labour markets showed surprising resilience, the International Labour Organization said.

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However, real wages declined in most of the G20 countries as wage increases failed to keep pace with inflation, said the ILO.

The 2022 global unemployment rate stood at 5.3 percent and made a modest improvement last year to 5.1 percent.

However, in 2024 an extra two million workers are expected to be looking for jobs, raising the global unemployment rate to 5.2 percent.

Disposable incomes have declined in the majority of G20 nations and, generally, the erosion of living standards resulting from inflation is “unlikely to be compensated quickly”, the ILO said.

Widening inequalities and stagnant productivity are causes for concern, the ILO said in its World Employment and Social Outlook Trends report for 2024.

The study assesses the latest labour market trends, including unemployment, job creation, labour force participation and hours worked — then links those to their social outcomes.

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The report found that some of the data, notably on growth and unemployment, are “encouraging”, ILO chief Gilbert Houngbo said.

Widening inequalities and stagnant productivity are causes for concern, the ILO said in its World Employment and Social Outlook Trends report for 2024.

The study assesses the latest labour market trends, including unemployment, job creation, labour force participation and hours worked — then links those to their social outcomes.