NEWS

Global Unemployment To Worsen In 2024- UN

The global unemployment rate is projected to slightly increase in 2024, according to the United Nations. An additional two million workers are expected to seek jobs, raising the global unemployment rate to 5.2 percent.

The UN, specifically through its labor division, the International Labour Organization, expressed concerns regarding stagnant productivity, deepening inequalities, and the impact of inflation on disposable income.

These findings were outlined in the UN’s World Employment and Social Outlook Trends report for 2024, released on Wednesday. Additionally, the report highlighted a decline in disposable incomes across most G20 nations, indicating that the erosion of living standards due to inflation is unlikely to be swiftly compensated.

“Furthermore, important differences persist between higher and lower-income countries. While the jobs gap rate in 2023 was 8.2 per cent in high-income countries, it stood at 20.5 per cent in the low-income group.

“Similarly, while the 2023 unemployment rate persisted at 4.5 per cent in high-income countries, it was 5.7 per cent in low-income countries.

“Moreover, working poverty is likely to persist. Despite quickly declining after 2020, the number of workers living in extreme poverty (earning less than US$2.15 per person per day in purchasing power parity terms) grew by about 1 million in 2023. the number of workers living in moderate poverty (earning less than US$3.65 per day per person in PPP terms) increased by 8.4 million in 2023.”

The research evaluates current labour market patterns encompassing aspects like unemployment rates, job generation, participation in the workforce, and worked hours, subsequently correlating them with their societal impacts.

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