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Global unemployment set to worsen in 2024

On Wednesday, the United Nations revealed concerns about a potential increase in the global unemployment rate in 2024. Worries center around issues such as insufficient job opportunities, growing disparities between the rich and poor, and the impact of rising prices on people’s income.

The UN’s working group highlighted the slowing pace of the world’s economic recovery from the Covid-19 pandemic. They attribute this slowdown to ongoing conflicts between countries and significant price increases, prompting decisive actions by banks. Despite a slight improvement in the unemployment rate from 5.3 percent in 2022 to 5.1 percent last year, people’s actual earnings decreased in most major countries globally. It didn’t rise enough to keep up with the increased cost of living.

Projections for 2024 suggest that an additional two million people will be searching for jobs, resulting in a global unemployment rate of 5.2 percent. In many large countries, individuals are experiencing reduced income, and the International Labour Organization (ILO) states that it will take time for people’s lives to improve due to the impact of higher prices.

The ILO’s 2024 report identifies significant problems, including unfair wealth disparities and a lack of job opportunities. Despite some positive aspects in the data concerning economic growth and employment rates, ILO Head Gilbert Houngbo emphasizes that a closer look reveals an increasing number of challenges in how jobs operate, contributing to a less equitable situation, particularly amid the various difficult global circumstances.