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Global Unemployment Expected to Rise by Two Million in 2024

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The International Labour Organization (ILO), as reported by Reuters, forecasts a rise in global unemployment in 2024, with the rate expected to reach approximately 5.2 percent. 

The increase is primarily due to a projected rise in unemployment in developed economies.

This upward trend implies an increase of two million unemployed individuals this year, with the unemployment rate 0.1 percentage points higher than in 2023, as per the ILO’s report on global employment and social trends for 2024.

The UN’s labor agency also notes that, following a brief surge in the post-pandemic economic recovery phase, aggregate labor productivity has sharply declined, returning to the low levels seen in the previous decade.

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Furthermore, the ILO predicts a modest increase in employment in higher-income countries over the next two years. In contrast, in countries with low and lower-middle incomes, a strong growth trend in employment is expected to continue.

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