Rapid Fire
Global Unemployment Rate to Marginally Decrease in 2024
- 31 May 2024
- 2 min read
The International Labour Organisation (ILO) has revised its global unemployment forecast for 2024, projecting a slight decrease to 4.9% from the previously estimated 5.2%, while highlighting the persistent inequalities in labor markets worldwide.
- The revision is mainly due to lower-than-expected unemployment rates in China, India, and high-income countries reported so far this year.
- The downward trend in unemployment is expected to flatten in 2025, with the rate remaining at 4.9%.
- Despite the overall improvement, inequalities in labor markets persist, with women in low-income countries particularly affected.
- The report highlights that 183 million people are considered unemployed, while the number of those without a job but wanting to work stands at 402 million.
- The ILO is the United Nations agency for promoting social and economic justice through international labour standards.
- It was created in 1919, as part of the Treaty of Versailles that ended World War I and became a specialized agency of the United Nations in 1946.
- Based in Geneva, Switzerland, it has 187 member states(India is a founder member) and operates as a tripartite organization, bringing together governments, employers, and workers' representatives.
- The ILO is also a member of the United Nations Development Group, aiming to achieve the Sustainable Development Goals.
Read more: India Employment Report 2024: ILO
