The International Labour Organisation has projected that two million workers may face job losses this year.
The ILO in its latest report titled “World Employment and Social Outlook: Trends2024,”
The report highlights that the global unemployment rate is set to increase from5.1 percent in2023 to5.2 percent, indicating a concerning trend.
While the report acknowledges that joblessness and the jobs gap had fallen below pre-pandemic levels, it warns that global unemployment is expected to rise in2024.
Gilbert Houngbo, the Director-General of the ILO, expressed deep concern over the findings, stating that these imbalances may not be solely attributed to pandemic recovery but could be indicative of structural issues.
The Director-General of the ILO, Gilbert Houngbo, said, “This report looks behind the headline labour 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.”
“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.
“Rates of informal work are expected to remain static, accounting for around 58 per cent of the global workforce in 2024,” it added.
“The workforce challenges it detects pose a threat to both individual livelihoods and businesses and it is essential that we tackle them effectively and fast.
“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.”