12th January, 2024
The International Labour Organisation says two million people around the world may lose their jobs in 2024.
In its latest report titled “World Employment and Social Outlook: Trends 2024”, the ILO says the global unemployment rate for 2024 will rise from 5.1 per cent in 2023 to 5.2 per cent. Although the organisation says the ILO that joblessness and the jobs gap has fallen below pre-pandemic levels, yet global unemployment would rise in 2024.
It says: “The 2023 global unemployment rate stood at 5.1 per cent, a modest improvement from 2022 when it stood at 5.3 per cent. The global jobs gap and labour market participation rates also improved in 2023”.
The report says working poverty may persist though it quickly declined after 2020. It says the number of workers living in extreme poverty that is those earning less than US$2.15 per person per day in purchasing power parity terms, grew by about 1 million in 2023.
It says that the number of workers living in moderate poverty, that is those earning less than US$3.65 per day per person in PPP terms, increased by 8.4 million in 2023.
“Disposable incomes have declined in the majority of G20 countries, and, generally, the erosion of living standards resulting from inflation is, unlikely to be compensated quickly,” it says.
The report adds that the jobs gap rate in 2023 was 8.2 per cent in high-income countries but it was 20.5 per cent in the low-income group.
It says, “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”.