Rising from the Ashes: Global Unemployment Expected to Dip in 2024
In a surprising turn of events, global unemployment is set to decrease slightly in 2024, with new predictions indicating a rate of 4.9 percent, down from 5.0 percent in 2023.
Revealed in a recent report by the International Labour Organization, these figures have been revised downward from the body’s previous projection of 5.2 percent for this year.
However, the analysis anticipates that the declining trend in joblessness will plateau in 2025, with unemployment remaining constant at 4.9 percent.
Despite this glimmer of hope, the study sheds light on the ongoing shortage of employment opportunities around the world.
ILO Director General Gilbert Houngbo emphasized the critical employment challenges that still need to be addressed, stating, “The labor market remains an uneven playing field, especially for women, despite our efforts to reduce global inequalities.”
He added, “To achieve a sustainable recovery that benefits everyone, inclusive policies that cater to the needs of all workers must be implemented.”
The Gender Disparity: Women Bear the Brunt of Unemployment
The ILO data revealed that the jobs gap, which measures the number of individuals without a job but seeking employment, stood at 402 million in 2024, including 183 million counted as unemployed.
Moreover, the analysis underscored that women in low-income countries are disproportionately affected by the lack of job opportunities, with the job gap for women in these nations hitting a staggering 22.8 percent, compared to 15.3 percent for men.
In high-income countries, the disparity is slightly lower, with a job gap of 9.7 percent for women and 7.3 percent for men.
On a global scale, the report highlighted that in 2024, only 45.6 percent of working-age women will be employed, in contrast to 69.2 percent of men.
The report also suggested that the difference in male and female employment rates could be attributed to family responsibilities.
Urgent Call to Action: Addressing Poverty and Informality
Despite the adoption of the 2030 Agenda for Sustainable Development in 2015, progress in reducing poverty and informality has slowed down compared to the previous decade.
The number of workers in informal employment has risen from approximately 1.7 billion in 2005 to 2.0 billion in 2024, painting a grim picture of the global job market.
The analysis concludes by emphasizing the urgent need for a comprehensive approach to reducing poverty and inequality in order to achieve the Sustainable Development Goals set forth by the international community.