Global unemployment set to decline slightly in 2024

The latest World Employment and Social Outlook report by the International Labour Organisation (ILO) forecasted a modest drip in the global unemployment rate, projecting it to reach 4.9% in 2024, down from 5% in 2023.

This revises an earlier forecast of 5.2% and suggests a potential plateau in 2025.

The report, however, highlighted a persistent lack of employment opportunities, especially for women in less developed countries. Currently, 402 million people worldwide are without jobs but actively seeking work, including 183 million classified as unemployed. This lack of job opportunities disproportionately impacts women, especially in low-income countries.

“Despite our efforts to reduce global inequalities, the labour market remains an uneven playing field, especially for women,” said Gilbert F. Houngbo, Director-General of the ILO.

More than one in five women (22.8%) in low-income countries are unable to find work. In comparison, their male counterparts number almost one in seven, or 15.3%. This differs from the rates in high-income countries, with nearly 10% for women and 7.3% for men.

Furthermore, while women in high-income countries earn US$0.73 for every dollar men earn, the number falls to just US$0.44 in low-income countries. 

READ MORE: Global unemployment to worsen in 2024, says UN

The issue surrounding the wage gap and unemployment and its effect on genders is due to the family responsibilities that women must shoulder, shared the report, “indicating that women’s disproportionate share of unpaid care work plays a major role in shaping gender employment gaps globally”. To counter this, Houngbo called for countries to keep working towards inclusive policies that will help benefit all genders.