UN Predicts Escalation In Global Unemployment Rates For 2024

UN Predicts Escalation In Global Unemployment Rates For 2024....KINDLY READ THE FULL STORY HERE▶

The global unemployment rate is expected to experience a slight increase in 2024, according to the United Nations, which has expressed concerns over stagnant productivity, escalating inequalities, and the impact of inflation on disposable income. The International Labour Organization (ILO), the UN’s labor agency, highlighted that the economic recovery from the Covid-19 pandemic has slowed down due to ongoing geopolitical tensions and persistent inflation prompting assertive actions by central banks…….CONTINUE READING

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While global growth in 2023 surpassed initial expectations, labor markets exhibited unexpected resilience, as reported by the ILO. Nevertheless, real wages in the majority of G20 countries declined, failing to keep pace with inflation. The 2022 global unemployment rate was recorded at 5.3 percent, showing a modest improvement to 5.1 percent in the previous year. However, in 2024, an additional two million workers are projected to enter the job market, causing the global unemployment rate to rise to 5.2 percent.

Disposable incomes have decreased in most G20 nations, and the ILO emphasized that the erosion of living standards due to inflation is unlikely to be swiftly compensated. The World Employment and Social Outlook Trends report for 2024 by the ILO underscored concerns about widening inequalities and stagnant productivity.

The study assesses various labor market trends, such as unemployment, job creation, labor force participation, and hours worked, connecting them to their social outcomes. While some data, particularly on growth and unemployment, is described as encouraging by ILO chief Gilbert Houngbo, a deeper analysis reveals growing labor market imbalances. In the context of multiple global crises, these imbalances are eroding progress toward greater social justice.

The report highlighted that only China, Russia, and Mexico experienced positive real wage growth in 2023. Conversely, real wages declined in other G20 countries, with Brazil, Italy, and Indonesia facing the sharpest drops at 6.9 percent, five percent, and 3.5 percent, respectively.

Houngbo emphasized that falling living standards, weak productivity, and persistent inflation contribute to conditions fostering greater inequality, undermining efforts to achieve social justice. He asserted that sustainable recovery is contingent on achieving greater social justice.

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