The International Labour Organisation, ILO, has projected that about two million workers in the world may lose their jobs in 2024, as the global unemployment rate will be up from 5.1 per cent in 2023 to 5.2 per cent.
The ILO in its latest report titled: “World Employment and Social Outlook: Trends 2024, stated that joblessness and the jobs gap had fallen below pre-pandemic levels, but global unemployment would rise in 2024.
According to the report, growing inequalities and stagnant productivity were causes for concern, saying that the global unemployment rate has dropped in three consecutive years, declining from 6.9 per cent in 2019 to 5.1 per cent in 2023. The global jobs gap and labour market participation rates also improved in 2023whie 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 report indicated, “labour markets had shown surprising resilience despite deteriorating economic conditions, but recovery from the pandemic remained uneven as new vulnerabilities and multiple crises were eroding prospects for greater social justice.”
The Director-General of ILO, Gilbert Houngbo said that the report looks behind the headline labour market figures and what it reveals should give great cause for concern, saying that it is starting to look as if these imbalances are not simply part of pandemic recovery but structural.
He added that the workforce challenges posed a threat to both individual livelihoods and businesses “and it is essential that it is been tackled effectively and fast.
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