The International Labour Organization has stated that two million people may lose their jobs this year, as the global unemployment rate rises from 5.1 per cent in 2023 to 5.2 per cent in 2024.
The PUNCH reported that the ILO claimed in its most recent report, “World Employment and Social Outlook: Trends 2024,” that while joblessness and the jobs gap had decreased below pre-pandemic levels, worldwide unemployment will climb in 2024.
The global unemployment rate has fallen for three years in a row, from 6.9 per cent in 2019 to 5.1 per cent in 2023.
According to the report, the number of workers living in moderate poverty (earning less than US$3.65 per day per person in PPP values) will increase by 8.4 million by 2023.
It forecasted that both the labour market outlook and global unemployment would deteriorate.
“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,” the report said.
ILO Director-General, Gilbert Houngbo, declared, “This report looks behind the headline labour market figures and what it reveals must give great cause for concern. These disparities appear to be systemic rather than just part of the epidemic recovery.
“The workforce challenges it detects endangers both individual livelihoods and businesses, and it is critical that we address them effectively and quickly.
“Falling living standards and low productivity, combined with persistent inflation, foster greater inequality and undermine efforts to achieve social justice.” And we will never have a durable recovery unless we address social injustice.”
